Mr. Speaker, I thank the hon. member for Saint-Hyacinthe—Bagot for asking the question to explain the government's approach to affordable Housing.
Hon. members on this side of the House are deeply committed to ensuring that Canadians have access to affordable housing. We have backed up this commitment by supporting unprecedented investments in this area. As I've noted previously in this House, the government believes that everyone in Canada deserves a stable, safe and affordable place to call home. We recognize that not everyone can achieve this on his or her own, which is why our government, the provinces and territories and other stakeholders have looked to address the housing needs of some of Canada's most vulnerable citizens.
Canada's economic action plan delivered on more than 14,000 projects for vulnerable individuals including low-income seniors, people with disabilities and first nations people living on reserve.
Our track record is very impressive. Since 2006, our government has invested approximately $12.5 billion in housing. This funding has helped support households living in existing social housing, create new affordable housing and revitalize the stock of social housing for future generations.
The hon. member is particularly concerned that some long-term agreements with social housing are expiring. This is the normal course of business. These agreements that are expiring were put in place many years ago and are ending on schedule as the mortgages on housing projects are paid off. Many other long-term operating agreements are ongoing and will remain in place for the next number of years.
As the hon. member knows, the federal-provincial-territorial working group has been created to examine the financial liability of the existing social housing stock as these agreements expire. In the meantime, our government continues to spend $1.7 billion a year to ensure that almost 615,000 households living in existing social housing can continue to afford their homes.
Furthermore, through Canada's economic action plan, our government invested $1 billion over two years for the renovation and retrofit of existing social housing. In addition, through bilateral agreements with the provinces and territories, a combined investment of $1.4 billion is being made under the new investments and affordable housing framework to continue to reduce the number of Canadians living in housing need. I am pleased to say that the agreements have been signed in every province and territory.
Under these agreements, federal funding is matched by the provinces and territories that, with the exception of P.E.I. and the Yukon which have opted to extend their previous agreements with CMHC, are responsible for program design and delivery in their jurisdictions.
In addition, I want to emphasize that we will continue to invest heavily in housing. This year, through CMHC, the Government of Canada will invest approximately $2 billion in housing.
I will say again that our government has made record investments in housing programs over the past number of years. Unfortunately, the NDP has voted against every one of these initiatives.