Jim Flaherty

[The Economy, February 5th, 2013]

Mr. Speaker, we watch and we monitor the residential housing market carefully, which is why we have intervened four times during the course of the last four years.

Canadians have shown some moderation, in particular in some of the more volatile markets in Vancouver and in Toronto in the condo markets. We have seen some welcome moderation. This is good. This is the kind of thing that we were hoping would result from that actions taken not only by the Government of Canada but also by the Superintendent of Financial Institutions.

[The Economy, February 5th, 2013]

Mr. Speaker, as I am sure the member opposite has observed, our housing market has been faring much better than the U.S. residential mortgage market over the past few years, and that is in part because it has been well managed.

We have restricted the availability of insured mortgages four times over the course of the past several years, which has encouraged some moderation in the market. The Superintendent of Financial Institutions has also encouraged some moderation in the market and Canadians themselves have shown some moderation, particularly in the past year.

[Consumer Protection, January 29th, 2013]

Mr. Speaker, if the hon. member is speaking of banking fees, there are some differences in the fees being charged and some changes that are being made by some of the large Canadian financial institutions. I welcome consumers across Canada, as informed Canadians, to make sure that they exercise choice not only between banks, but also credit unions and other financial institutions in Canada.

[Consumer Protection, January 29th, 2013]

Mr. Speaker, we have the code of conduct that all of them signed on to. I know the NDP voted against it. I know the Retail Council of Canada was in favour of it. I know that consumer groups were in favour of it and that small businesses were in favour of it, but the leader opposite laughs at all of them because he does not care what their views are about protecting consumers in Canada.

That is the purpose of the code. The code functions well. It is being used across the country.

[The Economy, January 29th, 2013]

Mr. Speaker, Canadians value their homes. They like to invest in their homes. It is the most important investment that most Canadians will ever make in their lives. With interest rates being where they are, we are pleased that they have been able to afford more in the way of housing.

Having said that, we have tightened the market with respect to residential insurance four times because of excessive demand and some price spirals that we saw in certain markets, particularly condo markets in Vancouver and Toronto.

[The Economy, January 29th, 2013]

Mr. Speaker, there are two aspects to personal indebtedness, and one is mortgage insurance. We have moved four times to tighten that market and the Office of the Superintendent of Financial Institutions also has in the past year. That has had a moderating effect on mortgage interest, which is important in Canada, and on the real estate market.

On the other hand, on credit cards, I have already explained. The facts are that credit card debt is going down in Canada. Canadians are getting the message to be careful about personal debt because interest rates are bound to rise inevitably.

[The Economy, January 29th, 2013]

Mr. Speaker, contrary to what the Canadian Labour Congress and the New Democrats say, business investment across Canada has actually rebounded since 2009. It is 6.2% higher than before the recession. No other country in the G7 can match that record.

[The Economy, January 29th, 2013]

Mr. Speaker, it would help at the outset if the hon. member got her facts straight. In fact, debt on credit cards declined nearly 4% in the last year, with demand for new credit at its lowest level in five years, down 11% from 2007.

With respect to corporate taxes, I understand the CLC supports the NDP. I understand it supports the NDP high-tax agenda. However, our Conservative government is focused on leaving more money in the hands of investors and entrepreneurs and ultimately growing the workforce, at which we have been incredibly successful.

[Financial Institutions, January 28th, 2013]

Mr. Speaker, in fact, the code was developed with the support of small business in Canada, with support of the Retail Council, and it has been welcomed by consumer groups across the country, and it is working.

There was a group in Canada that voted against the code, and that was the official opposition, the New Democratic Party of Canada.

[The Economy, January 28th, 2013]

Mr. Speaker, in 2013 our Conservative government will remain squarely focused on our priorities which are issues that matter to Canadians: jobs, growth and long-term prosperity. With over 900,000 net new jobs created since July 2009, including nearly 40,000 in December, and over 90% of those are full-time, we are on the right track.

Canada, of course, is not immune to global challenges from beyond our borders. That is why we are working hard now on economic action plan 2013 to build on our government's pro-growth initiatives.