Madam Speaker, last year in committee I had the opportunity to interview the president and CEO of the Canada Mortgage and Housing Corporation, who came to talk about the housing crisis. When I asked her what we should do now to resolve the crisis, she had one answer: increase supply.
There are in fact a few measures in the budget aimed at increasing supply. However, there are long-term measures focusing on demand that we are having trouble understanding. For example, the tax-free savings account for the purchase of a first property is not a bad measure, but why will it take effect only next year? People will be able to contribute up to $8,000 a year for five years. We will not be seeing any results for a while. In addition, to invest $8,000 a year in a house, you need some income. These measures will not help the most disadvantaged.
Why are we not focusing on real investments? Consider the rapid housing initiative. It is a good, $1.5-billion program that will actually create social housing. We could have invested a lot more money into it to really help the most disadvantaged, but the budget falls short in that regard.