Mr. Speaker, I thank the hon. member for once again bringing the issue of affordable housing before the House.
I am pleased to reiterate our government's commitment that Canadians from all walks of life and in all parts of the country have access to safe, suitable and affordable housing, a commitment that has been backed up by helping over 755,000 Canadians with affordable housing since 2006.
Our approach is balanced and sound. Whether through rental housing or home ownership, the vast majority of Canadians are able to meet their housing needs in the marketplace. However, we recognize that this is not possible for all Canadians. That is why we have policies in place to support the full range of housing options: home ownership for those who can afford it; rental housing for those who prefer or need that option; and housing assistance for those who cannot have their needs met in the marketplace, including low-income families, seniors, people with disabilities, first nations and people on reserves.
The government provides strong support for a range of housing options. For example, the Canadian Mortgage and Housing Corporation has a public policy mandate to provide mortgage loan insurance to qualified borrowers in all parts of the country and for all forms of housing.
In addition to offering mortgage loan insurance to a home buyer, CMHC is the only mortgage insurer for large, multi-unit rental purposes, properties, nursing and retirement homes. Mortgage loan insurance from CMHC is critical to ensuring that these housing options continue to be widely available to Canadians. Without it, many projects simply would not get the cost-effective financing they need for viability and affordability.
Additionally, the Government of Canada continues to invest heavily in housing. Since 2006, the government has created 46,000 new affordable housing units.
The 2011 annual report of the CMHC is the most up-to-date information on federal social housing investments. The report was recently tabled in the House and it indicates that the Government of Canada provides $1.7 billion in funding each year to ensure that almost 605,000 households living in existing social housing can continue to afford their homes. The provinces and territories also contribute annually to the existing housing stock under long-term agreements.
Over and above the $1.7 billion in annual social housing subsidies, our government and the provinces and territories are making a combined investment of $1.4 billion over three years in a range of programs to reduce the number of Canadians in housing need.
In addition, the stimulus phase for Canada's economic action plan included an investment of more than $2 billion over two years to build new and renovate existing social housing. This funding supported an estimated 16,500 social housing and first nations housing projects across Canada improving the living conditions for tens of thousands of Canadian families while creating jobs and stimulating local economies.
This government is committed to helping Canadians who need a hand up. We have backed up that commitment with concrete actions and investments in social housing.