Madam Speaker, I would like to say hello to the hon. member from Calgary who just shouted something out. He is a gentleman and an avid golfer. I wish him the best.
Making sure Canadians have access to affordable child care is important, but we also know that far too many Canadians are struggling with the increasing cost of essentials, such as housing and groceries.
Such initiatives as putting a price on carbon, an effective and affordable way to combat climate change, has been putting more money back in the pockets of Canadians. Eight out of 10 households get more money back than they pay, with low- and middle-income households benefiting the most.
We know that more needs to be done to address affordability. That is why we began this fall parliamentary session by introducing Bill C-56.
I just came from subbing in on the finance committee with CMHC officials, and it was great to talk about the removal of the goods and services tax on new purpose-built rental housing to encourage the construction of more rental homes, including apartment buildings, student housing and senior residences, across Canada.
I come from an area of the country where builders build houses and the associations are located. Since 2015, I will put on record, I have argued that we remove the GST on purpose-built rental housing in combination with the provinces. The GST combined with the HST would allow, encourage and incentivize more purpose-built rental housing to be built across the country and here in Ontario even more so. All the associations are applauding it. I encourage this measure and that Bill C-56 be passed as quickly as possible by all sides of the House.
For a two-bedroom rental unit valued at $500,000, the enhanced GST rental rebate could deliver $25,000 in tax relief.
This is another tool to help create the necessary conditions to build the types of housing that we need, that Canadians need and that families want to live in. This measure would also remove the restriction in the existing GST rules to ensure that public service bodies, such as universities, colleges, hospitals, charities and qualifying non-profit organizations that build or purchase purpose-built rental housing, are permitted to claim the 100% enhanced GST rental rebate. The government is also calling on the provinces that currently apply provincial sales taxes or the provincial portion of the HST on rental housing to join us by matching our rebate for new rental housing.
In fact, the finance minister of Ontario, an old colleague of mine whom I worked with for a number of years in Toronto at DBRS, came out that same day and said that the Province of Ontario would be joining the federal government in removing the tax on purpose-built rental housing, the HST portion on the federal side. We encourage all provinces and territories to join in, follow the lead of some of the provinces and territories and eliminate the provincial component.
We are also requesting that local governments put an end to exclusionary zoning and encourage building apartments near public transit in order to have their housing accelerator fund applications approved. Earlier this month, the government announced that London, Ontario, will be the first city to benefit from this fund, and it will certainly not be the last. It represents one of the ways we are encouraging initiatives aimed at increasing housing supply. It also supports the development of complete, low-carbon, climate-resilient communities that are affordable, inclusive, equitable and diverse.
Every community across Canada needs to build more homes faster, so we can reduce the cost of housing for everyone. We know that there are more cranes currently in the city of Toronto than in any other city in North America. We could combine cities in North America, and we would not reach the same number of cranes. I want to salute all the builders and workers out there from the carpenters union, IBEW, the pipefitters, everyone working on the condos and high-rises in downtown Toronto, in the GTA, across Ontario and Canada who get up every morning and build the housing we need. We need to applaud them. We are going to give them more work, not just today but in the years to come.
Without more homes in our communities, it is difficult for businesses to attract the workers they need to grow and succeed. When people spend more of their income on housing, it means less money is being spent in our communities for necessities such as groceries. We are taking immediate steps to enhance competition in the Canadian economy, with a focus on the grocery sector, to help stabilize costs for middle-class Canadians.
Through Bill C‑56, the government is introducing the first series of legislative changes to the Competition Act to give more power to the Competition Bureau to investigate when industries are behaving unfairly, for example where price fixing or price gouging is occurring, and take enforcement action; remove the efficiencies defence, to end anti-competitive mergers that raise prices and limit choices for Canadian consumers; and empower the Competition Bureau to block collaborations that stifle competition and consumer choice, particularly in situations where large grocers prevent smaller competitors from establishing operations nearby.
By making these changes, we will empower the Competition Bureau to investigate price gouging and price-fixing. I have been calling for this for a very long time. More competition and less consolidation, more innovation and lower prices mean more choice for consumers across Canada.
In conclusion, our government understands that many Canadians still need to get through these difficult times. Canadians are being pressured, and we understand that. The focus of our government is investing in Canadians, restoring middle-class prosperity and building a country where everyone has a real chance to succeed. We will continue to do that day after day.