Mr. Speaker, I would like to thank the member for London—Fanshawe for bringing this issue to the attention of the House. I am confident that as her party's housing critic she is cognizant of the complexity surrounding the issue of housing policy and the need for informed debate surrounding it, for this issue involves countless players working together to help meet the unique and varying housing needs of Canadians throughout our country.
I would like to assure her and her party that the new Government of Canada recognizes affordable housing's importance in improving the lives of individuals and families. Indeed, we are taking substantial action on a number of fronts.
For instance, Budget 2006 provided, pending confirmation of the government's financial results for 2005-06, an investment of $1.4 billion and the establishment of three housing trusts, with the provinces and territories, for affordable housing, northern housing and aboriginals living off reserve.
I also believe we share a common desire, indeed, a fundamental commitment, that all Canadians should have a reasonable opportunity to own or rent their own home.
But where some would speak to the abstract world of strategies and structure in addressing this issue, we speak of action. We speak of commitment, one that is demonstrated in the nearly $2 billion the Government of Canada provides annually to support 600,000-plus existing social housing units across the country, support that primarily assists low income households. It is a commitment demonstrated through our decision to ensure the maintenance of shelters and related services for Canada's homeless people in urban and rural communities and by extending the national homelessness initiative, including the supporting communities partnership initiative, to March 2007 at a cost of almost $135 million.
The Government of Canada is acting on other fronts as well. For instance, in collaboration with provincial, territorial and local partners, we are delivering on the $1 billion affordable housing initiative, funding that has created 27,000 units of new affordable housing in communities across the country.
In addition to creating new units, our commitment to housing is demonstrated in our support of programs that maintain the existing affordable housing stock and funding for the residential rehabilitation assistance program and several related housing renovation and adaptation programs that provide financial assistance. Our commitment to repairing homes occupied by low income people and converting non-residential buildings into residential use has been extended for 2006-07 at a cost of about $128 million.
The government's role in housing extends beyond helping low income households. Indeed, Canada Mortgage and Housing Corporation, our national housing agency, helps all Canadians by lowering costs and improving access to mortgage financing through its mortgage loan insurance and mortgage securitization programs. In fact, CMHC mortgage loan insurance has assisted one in three Canadian families with the purchase of their home. Also, its mortgage loan insurance helps finance affordable housing with no premiums charged for affordable housing projects.
I again assure my colleague that Canada's new government is committed to housing and to taking the necessary action to keep our national housing system strong.