Jim Flaherty

[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.

[The Budget, June 9th, 2011]

Mr. Speaker, I congratulate the member opposite on his election.

I commend to him the budget that was presented in the House on Monday this week. It is an important document, as has been said by other members. It not only reflects fiscal matters, but it reflects the general policy of the Government of Canada.

I commend to him the measures to support job creation that are listed on page 15 of the budget. Perhaps the member would like to read that over the weekend.

I commend to him the fact that as set out at page 58 of the budget, that Canada has the best job creation among the industrialized nations in the world, since the great recession.

I commend to him also the graph on page 30 that sets out the quality of the jobs created in Canada, the majority of them being high paid jobs, and of course the fundamental facts set out page 14, that more than 540,000 new jobs have been created in Canada since the great recession ended in July 2009 which is, of course, a record in the industrialized nation.

For the new member to suggest with any seriousness that Canada has not done a very good job in job creation is an error.

[The Budget, June 9th, 2011]

Mr. Speaker, I congratulate the hon. member on her election to the House of Commons. I regret that it means we do not have with us any more our dear friend Gary Lunn. I do not know what the member opposite has against munchkins but I am a member of that brotherhood.

We like this budget so much we introduced it twice. I can assure the hon. member that the budget implementation act will, of course, reflect items from the budget that are referenced in the budget.

The GIS payments for seniors, in particular, are very important. We want to get those cheques out in July.

[Personal Debt, June 9th, 2011]

As I said, Mr. Speaker, the code of conduct that we developed was done together with small business and consumer groups. It was welcomed by small business and consumer groups.

Unfortunately, the opposition NDP voted against the code, but I gather from the question that I have just heard from the learned member of the NDP that this position will be changing and that he will be supporting our policy on the code of conduct.

[Personal Debt, June 9th, 2011]

Mr. Speaker, for some years now we have heard the concerns expressed, and we have certainly expressed them, with respect to the level of consumer debt. That is why we have taken several steps. Three times we have intervened with respect to the insured residential mortgage market, including this year.

We also created the code of conduct in co-operation with small business in Canada and small retailers. They have praised that code of conduct with respect to credit cards because it is working.

[Tax Harmonization, June 8th, 2011]

Not only does the government get it, Mr. Speaker, but the voters of Canada got it on May 2, based on a very strong mandate. The voters of Canada made a choice between a high tax plan and big spending programs of the NDP, and a low tax plan, jobs, growth, creative Canada, education, skills training and encouraging small business and larger businesses in Canada to create jobs.

It is a strong mandate from the people of Canada. They made their choice.

[Tax Harmonization, June 8th, 2011]

Mr. Speaker, as I am sure the member opposite realizes, provincial sales tax is a matter of provincial responsibility. It is not a matter of federal responsibility. It is a decision for the Government of British Columbia and the people of British Columbia, as it has been in the past in Ontario and in the provinces in Atlantic Canada that chose to harmonize over time. This is not a decision for the Government of Canada.

[The Budget, June 8th, 2011]

Mr. Speaker, the process to be undertaken will commence soon. Chaired by my colleague, the President of the Treasury Board, a special committee of cabinet will do a careful review. The committee will not slash and burn, as the Liberal government did in 1995-96 with the provinces, the territories and individuals in Canada. We will maintain the transfer payments to the provinces and territories. We will maintain the transfer payments to individuals in Canada, to seniors, to persons with disabilities. However, we will look carefully at the cost of delivering government services and productivity in government at the operating--