Mr. Speaker, what we are witnessing now is the consequence of years of Liberal market distortion through subsidies, red tape and unpredictable government policy. The Liberals overheated the housing market with record immigration levels and developers responded by investing billions, hiring workers and putting shovels in the ground based on the conditions the government created. Then Ottawa suddenly slammed on the brakes. After years of overheating demand, the Liberals abruptly reversed course without a plan, leaving developers watching the market shift beneath projects already under way as rental vacancy rates jumped more than 40% year over year.
Housing projects take years to plan and build. The government cannot pull one policy lever to flood the market and then yank another to choke off demand and expect builders, renters or buyers to have any stability. This is a failure of central planning. The Liberals created this distortion and now Canadians are paying the price.