Mr. Speaker, owning a home was once at the heart of the Canadian dream. For generations, Canadians believed that if they worked hard, played by the rules, paid their taxes and contributed to their communities, they would have the opportunity to buy a home, raise a family and build a secure future. That was not an unreasonable expectation. It was part of the promise of this country. Today, however, that promise is further out of reach than it has ever felt before.
After more than a decade of Liberal government, Canadians are facing a cost of living crisis unlike anything we have seen in generations. The cost of groceries has soared, utility bills continue to climb, families are paying more at the gas pump, more at the checkout counter and more for virtually everything, every necessity of life, yet nowhere is this failure more evident than in the housing sector. Home ownership is increasingly becoming an unachievable goal for hard-working Canadians. Young people who did everything right are losing hope. They pursued an education, entered the workforce, saved diligently and delayed major life decisions, only to discover that the dream of owning a home continues to move further and further away.
The statistics paint a sobering picture. According to the office of the superintendent of bankruptcy, the number of Canadians seeking relief under the Bankruptcy and Insolvency Act during the first quarter of 2026 reached levels not seen since the aftermath of the Great Depression. Consumer insolvencies increased by 8.5% compared to the same period last year, and mortgage delinquencies have reached their highest levels since 2021.
Canadians are carrying an astonishing $2.6 trillion in household debt, and the average Canadian now owes $1.77 for every dollar earned, yet the burden is heavier for lower- and middle-income earners. Testimony before the finance committee revealed that, for the bottom 80% of earners, debt-to-income ratios exceed 200%. For the bottom 20%, they approach 430%. These numbers are more than just statistics. They represent families draining their savings, simply trying to keep up. They represent seniors worried about their financial security. They represent young couples wondering when they will ever be able to save enough money for that down payment. They represent Canadians who have refinanced mortgages, maxed-out lines of credit and taken on additional debt simply to afford rent, groceries and other necessities.
Canada is facing a housing crisis, not a housing challenge, not a housing issue, but a housing crisis, and it is a crisis that has been years in the making. I have seen the aftermath of this crisis in my hometown of Fort McMurray, where we have had booms and busts for as long as people have known that the oil sands existed. However, never was this more true than in the last decade when we had the Liberal government in place, which told people in my community that it would transition their jobs away, and that they should not actually be in that kind of industry.
What we saw, effectively for the last 10 years, were housing starts dropping to nearly zero, which means that, right now, we do not have the builders ready to build, because most of the builders have left town. Most of the construction workers have left town, because there were no jobs to be had as people were not buying houses. What we saw, and what we are continuing to see, are people upside down on their mortgage, which means they owe more than they have paid. If they want to sell their house, their choice is either to pay a whole bunch of money or go bankrupt. That is not a space where Canadians want to be, but this is where we are careening down, because of the Liberals' mismanagement of the economy for the last decade.
The decisions the Liberals make, and the decisions we make here in Parliament, have real-life impact on the lives of Canadians. This is not just a crisis for families who are looking to buy homes. It is a crisis for workers who build homes: electricians, carpenters, plumbers and welders. It has an impact on all kinds of construction workers. When projects are delayed by government red tape or permits take years instead of months, investment goes away. This is one of those problems, because when the investment goes away, the jobs disappear.
We need to think about that for a moment. Canada has a severe housing crisis and a severe housing shortage. We need millions of new homes across the country. We have skilled trades workers ready to build them, yet government policies are slowing down construction and preventing projects from even getting off the ground. Every housing project that is cancelled, delayed or deemed too expensive to proceed means fewer houses for workers to work on, fewer apprentices getting trained, fewer opportunities for young people entering the trades and fewer paycheques for hard-working Canadians. This is the reality that the Liberal government fails to understand.
What is the Liberals' solution? Their solution is yet another housing bureaucracy. What we are seeing with Build Canada Homes is a fourth Canadian housing bureaucracy because their solution to so much is just to build more government bureaucracy. The reality is we have yet to be able to understand, on the human resources, skills and social development committee, what powers of the Build Canada Homes could not be accessed through either the Canada Mortgage and Housing Corporation or the Canada Lands Company, which are two existing bureaucracies.
Instead, the Liberals want to put a new shiny bow on things, build something new and say they are going to build at unimaginable speeds, yet the reality is we are seeing construction grind to a halt. Most of the people who came before our committee when we studied this bill did not really understand what Build Canada Homes was going to do. They had some general ideas, but nothing concrete. When we had the CEO come to committee, we heard how many homes the corporation had built. The answer, I think, was nine, which is not speeds that had never before been seen.
The Liberals promised to build 500,000 homes annually, yet according to the Canada Mortgage and Housing Corporation projections, housing starts could actually fall to approximately 212,000 units by 2028. That is not just a small shortfall. That is a huge failure of historic proportions. Even more concerning is the Parliamentary Budget Officer found that Build Canada Homes would contribute only about 5,000 homes annually. That is only 1% of the government's own annual housing target.
Canadians deserve better than announcements that generate headlines but fail to deliver results. The reality is builders have consistently told government what is needed. The solution is not more bureaucracy. The solution is not more government agencies. The solution is not having Ottawa involved. The solution is not having Ottawa attempting to become a developer. The solution is creating conditions that allow builders to build.
The CEO of the Ontario Home Builders' Association summed it up perfectly when he testified at our committee. He said, “the path forward is not for government to step into the role of the builder but for it to enable those who already do this work every day to do it better, faster and at greater scale.” The Conservative Party of Canada completely agrees and we believe that all Canadians should have the opportunity to own their own home and have access to safe and affordable housing.
That is why Conservatives believe that the federal government can assist home builders across the country by cutting the GST on all new homes under $1.3 million, saving families up to $65,000; unleash building by tying federal infrastructure dollars to homebuilding; have municipalities permit at least 15% more homebuilding each year; cut development charges by 50%, which the Liberals promised during the last election campaign but refused to deliver; end the capital gains on reinvestment in new housing in Canada; and unlock billions of dollars of investment in the country's homebuilding sector. Most importantly, we believe the government should focus on the outcomes instead of announcements.
I know that is shocking, but Canadians do not measure success by the number of government programs that exist. They measure success by whether they can afford a home. They measure success by whether their children have opportunities. They measure success by whether their communities can grow and prosper. For too many Canadians, the answer today is no. The consequences of inaction are profound. Canadians are tired of excuses. They are tired of missed targets. They are tired of announcements that never materialize into results. They want action. They want homes. They want affordability. They want governments that remove obstacles instead of creating them.
As the member of Parliament for Fort McMurray—Cold Lake, I will continue fighting for the workers, the families, the tradespeople and the young Canadians who simply want a fair chance to succeed, to save, to buy a home, to build a future and to pass on something to their children. This was once the Canadian promise and it should be again. It is time to restore Canada's promise.