Madam Speaker, we hear heckling from the other side but I am trying to bring some context to the discussion.
At this point the bill is not affordable when we are talking about $3 billion or $6 billion of expenditure. It is not necessary from the perspective that the housing industry in this country has continued to soar over this last little while with interest rates being maintained in a certain range. We foresee the housing industry continuing to grow. In essence we feel the bill is unnecessary at this time. A bigger reason is the equity of the bill. We could not discriminate against those Canadians who because they purchased their homes prior to 1994 would be unable to deduct the interest. If we were to extend this proposal to every homeowner it would be a $6 billion expenditure at a time when we have not yet balanced the budget. Yet we are starting to see these types of proposal coming forward calling for all kinds of expenditure.
As a government we are committed to ensuring we bring forward and support the fiscal policies we have brought forward over the last number of years. We want to ensure a balanced budget. We will ensure that any expenditure of this government is done through a reallocation. We will ensure fairness and equity for all Canadians.
While I urge every member of this House to agree that the intent of the bill is quite laudable, I must ask every member of this House not to support the measure. It is not affordable, necessary or equitable.