Madam Speaker, from what we heard in committee, one thing was clear. Although the government's intention was to make housing and home ownership more accessible, this first-time homebuyer incentive, also known as a shared equity mortgage, will not achieve its goal. Aspiring homebuyers must qualify for a mortgage from a financial institution before they can apply to the much-touted incentive program for 5% to 10% of the down payment.
The officials from the CMHC and the Department of Finance were not even able to provide any details on this program. They did not know what the 5% to 10% share of equity meant in practical terms. Would there be active involvement? If the homeowner did renovations that increased the property value, how would the added value be shared out?
All of the questions on this aspect were very important. The government is saying it will have a share in property owned by Canadians, but it is being stingy with details. Ultimately, this measure will not even make housing more accessible, because Canadians can only access the program if, and only if, they qualify for a mortgage. This measure is being misrepresented by the government.