Madam Speaker, I have been listening to the speeches from the Conservatives, who seem to delight in reminding us that removing the GST from housing was their idea. Whether the idea came from the Conservatives or the Liberals, ultimately, will it actually make a difference?
I sincerely wonder, because in the end, the money will not go back into the pockets of those who rent housing, but rather into the pockets of those who build it. This sends a message to builders that they will be able to build homes for less. As the Minister of Finance said, it will cost them $25,000 less to build a $500,000 building. If the building is valued at $800,000 on the market, why would someone sell it for $25,000 less? It will be sold at the same price and the builder will simply make more profit.
I am having a hard time understanding how this magic solution will suddenly solve the problem.