Mr. Speaker, the hon. member made a great exposé of the bill before the House. He spent a lot of time on the process of getting a bill here and how the work gets done by others to make sure that we have the information needed so that we can finally take a decision in Parliament.
One point in this bill discussed earlier is the question of the reserves necessary at institutions like Canada Mortgage and Housing Corporation. Some people would point to the increase in the reserve over the last few years without taking into consideration the changes that have happened in the domestic market situation and domestic mortgages.
Not too long ago it was impossible for a first time buyer to buy a house if the buyer did not have a 10% deposit. Then the regulations were changed to allow for substantially lower deposits. In some cases no deposits were necessary. But that is guaranteed and backstopped with the financial institutions and Canada Mortgage and Housing Corporation plays a great role there. There has been a greatly increased risk.
The member pointed out the question of risk and that the risk had to be covered. When there is less of a deposit in the initial purchase with the mortgage at the bank, the risk grows exponentially. Look at what is happening in the housing market in our principal cities where young couples are working. Alberta is having a huge growth and many people from across the country are going to work there. The housing market there is inflating incredibly fast. If we want young couples to be able to buy homes, then they need that type of assistance from CMHC and the type of reserves needed to backstop it. I would ask the member to comment on that.