Mr. Speaker, I would like to thank those members of Parliament who spoke in support of Bill C-520 today and on April 15. I would like to highlight some of their comments briefly.
Bill C-520, as has been said, will increase from $20,000 to $25,000 the amount of money first time homebuyers can borrow from the savings they have accumulated in their RRSPs. That, of course, would increase the amount a couple could utilize from $40,000 to $50,000.
This will be the first adjustment in the borrowing limits since the homebuyers plan was created in 1992. Of course, much has changed since 1992 and it is time to bring the plan up to date so it can be of even greater use to first time homebuyers.
Canadians like the homebuyers plan today and they have liked it from the moment it was brought forward by a former finance minister, Don Mazankowski, and was enacted by Parliament.
Canadians have used the homebuyers plan more than 1.8 million times since 1992 and have borrowed more than $18 billion from their own savings, using the plan to make down payments on their first homes.
The homebuyers plan of Bill C-520 will help Canadians realize one of their most fundamental desires: the desire to own a home of their own.
This bill has received strong support from members of all parties represented in the House: the Bloc, the NDP, the Liberals and the Conservatives. Their support is a testament to the support the bill has throughout the country.
I have received hundreds of letters of support from members of the Canadian Real Estate Association and their local chapters and associations across the country. Their hard work in support of Bill C-520 is much appreciated. They are on the front lines and know just how helpful the bill will be to young Canadians hoping to own their first home.
The Canadian Real Estate Association and its provincial associations were at the forefront of the creation of the homebuyers plan and have been working to renew the homebuyers plan for the future. They deserve special thanks for all their hard work on behalf of all homebuyers.
In conclusion, I would like to ask that all members of the House lend their support to Bill C-520. First time buyers are relying on us to get on with the business of amending the homebuyers plan so they can make greater use of their own savings to put together that all important down payment on the purchase of their first home.