Mr. Speaker, the International Monetary Fund warned Canada that the country's household debt has reached a critical level. Households are facing higher house prices and record debt levels, where residential mortgages represent 68% of household debt, and rent is higher than ever.
The Minister of Finance himself said that the global economy is fragile and that global economic turbulence has had and will continue to have a negative impact on Canada.
The government and the IMF recognize the potential problems, so when will the Conservatives act to prevent this potential crisis? We are offering them the solution on a silver platter. It is time to implement a national housing strategy. We are the only G8 country that does not have one. With a long-term strategy, we could coordinate our efforts to avoid a crisis and prevent debt from getting out of control.
The time has come for the Conservative government to listen to Canadians and support Bill C-400.