And five or more members having risen:
House of Commons photoWon his last election, in 2011, with 58% of the vote.
Supporting Vulnerable Seniors and Strengthening Canada's Economy Act June 21st, 2011
And five or more members having risen:
The Economy June 21st, 2011
Mr. Speaker, the Canadian economy is in good shape. It is the best shape in the G7. The IMF says so.
The Conference Board of Canada says:
Canada’s economic fundamentals--fiscal policies, tax policy, monetary policy and management of the exchange rate--are arguably in the best shape in the developed world.
Canada is doing well.
The Economy June 21st, 2011
Mr. Speaker, interest rates have been low for some time, as I am sure the member opposite appreciates. That has meant some continued economic growth, moderate economic growth in Canada, which is welcome.
We anticipate, as the private sector economists do, that we will continue to have that moderate economic growth in Canada, which will lead us to balanced budgets.
The Economy June 21st, 2011
Mr. Speaker, as I understand the strange position, the contradictory position, taken by the member opposite, he is saying that the government ought to act to restrict credit at the same time that we ought to encourage consumer confidence, economic activity, job creation, and growth in the country. Those are contradictory goals.
We have said to Canadians very clearly that interest rates have only one way to go, and that is up, over time, and they ought to be prudent in their spending.
We have not seen any evidence of any imprudence, in terms of the Canadian housing market.
The Economy June 21st, 2011
Mr. Speaker, with respect to the last part of the question, that would be in the subsequent budget implementation acts following the one that is before the House now.
We have already brought in credit card regulations, as I am sure the member opposite knows, requiring clear and simple information, timely advance notice of rates and fee changes, and limiting any consumer business practices.
There is more to be done. It is outlined in the budget.
Bank of Canada June 20th, 2011
Mr. Speaker, I welcome the hon. member for Prince George—Peace River to the House. He certainly has big boots to fill, given the member who preceded him.
There are new and technically innovative banknotes. They were introduced today by the Bank of Canada. Canadians will see their story in the new banknotes. Our spirit of innovation and our achievements at home, around the world and even in space. In particular, the $100 note unveiled today focuses on Canadian innovations in medicine, and the $50 note features the Coast Guard ship, Amundsen, reflecting Canada's leading role in Arctic research.
Home Ownership June 20th, 2011
Mr. Speaker, if the hon. member is looking for a housing crisis, she should look south of the border.
We do not wish that on our neighbours in the United States, but the reality is that their housing crisis continues. There is a danger of a prolonged housing crisis in the United States.
That is not so in Canada and that is because we regulate, we supervise, we monitor, and we have fiscal responsibility in terms of the housing sector in Canada, a very different place.
Home Ownership June 20th, 2011
Mr. Speaker, I can assure members that is not what the Governor of the Bank of Canada said last week. What the governor of the bank indicated is that he had some concern in some sectors of the economy, particularly in the Vancouver condo market, with respect to some evidence of excessive prices, and that is so.
However, if we look at the Canadian housing market across the board in Canada, there is comfort to be taken. We took another step this year to reduce amortization periods and to require higher down payments. It is working. We are seeing some moderation in the housing market in Canada. That is desirable, but homeowners should bear in mind that interest rates have nowhere to go but up and they should consider that as they plan for the future.
Mortgage Insurance June 20th, 2011
Mr. Speaker, I thought the question was actually about the housing record. It appears that the member is just concerned that private enterprise could have anything to do with business in Canada.
We actually believe in private enterprise. We do not believe the public should take 100% of the risk in insured mortgages in Canada.
The other thing the hon. member might want to think about is that it is important to have competition in that sector, as it is in every other sector in our economy. Everybody in that sector, public or private, plays by the same rules, and we set the rules.
Mortgage Insurance June 20th, 2011
Mr. Speaker, I really do not know where the hon. member gets her theoretical facts.
What has happened in Canada is that we have had a solid housing market. We have not had the kinds of difficulties, thank goodness, that the United States, Ireland and other countries have had.
Why is that so? It is because we have a well run system, because we have mortgages with recourse, because we reduced amortization periods. It is because we watch the system and when intervention is necessary, we intervene, as we have done three times in the last three years.