Madam Speaker, one of the things we heard from stakeholders who presented at committee was that 200,000 Canadians will not see a job created because of these changes by 2021.
We know that the residential construction market is one of the areas where a lot of people work. We can imagine all the trades that go into building a home, whether it is a condo, a row house, a duplex or whatever it is. We heard that 147,000 first-time homebuyers were unable to get into the type of home they wanted. The Canadian Home Builders' Association said that. According to the Canada Mortgage and Housing Corporation, the number of new mortgages coming out dropped by 11.9%. Then there is the government overreaching with the B-20 stress test, the Minister of Finance's stress test, and then panicking, I think, and being unwilling to admit it made a mistake.
Even at committee, the Liberals would not admit they had made a mistake, so now they are trying shared equity mortgages, throwing it up there to see if it will work. That is not the right way to be doing policy-making in this country. It is okay to admit a mistake and then dial it back. That is what all the big banks have been asking for.
I will mention one last thing. I asked every single stakeholder whether shared equity mortgages would offset the impact of B-20, and not a single one said they would.