Madam Speaker, I have a question for my colleague about his favourite topic, mortgages and home ownership.
He already raised some points that came up in committee about the new first-time home buyer incentive, which will allow the CMHC to take on 5% to 10% of the mortgages of Canadians participating in the program. I was surprised to hear experts say that this program would not help anyone get a mortgage from a financial institution, since the program will only apply if the person has already qualified for a mortgage with their financial institution.
Could my colleague talk about this point, which has been ignored? The government is implying that this program will help more Canadians buy homes, but witnesses in committee said the complete opposite. Only Canadians who have already qualified for a mortgage will be able to participate in this program.