Madam Speaker, I will go back to the member's introductory remarks about first-time homebuyers and some of the measures introduced in the first part of the budget, or chapter 1, as I call it.
With regard to the RSP measure, only about 8.5% of Canadians max out their RSP. It is a very small group of people, usually earning a very good income, who can make a maximum contribution to their RSP and will then be able to use it in a buy-back scheme to purchase their home. This will have a very tiny impact for first-time homebuyers.
The member talked about the shared equity mortgages as some great solution to the affordability problem for first-time homebuyers and for young people especially. However, the average price of a home in Toronto is about $780,000, and this program that the government is proposing caps out at $480,000.
The B-20 stress test has punished first-time homebuyers more than any other regulatory policy of this government. There is no easy way to fix this.
How can the member support a policy that has reduced mortgages starts young people by 20%?