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Finance committee That's correct, yes.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee I think we've struck a good balance in the bill. We conducted consultations across Canada over several months starting in March, and the bill is consistent with what we heard from the Canadians and groups consulted.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee Yes.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee Thank you, Chair. I won't introduce myself, because I've already been introduced. I'm accompanied by Mark Young, director of our legal service. We are here to provide an overview of the proposed national housing strategy act. The Government of Canada has taken significant st
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee Thank you for the question. This bill acknowledges the importance of housing for the dignity of Canadians, and that is a fundamental step toward the gradual realization of the right to housing, as agreed upon in the economic, social and cultural commitment that Canada has observ
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee That depends on whether you're talking about our insurance book or the shared equity mortgage. Obviously, as Cynthia pointed out—
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee —their shared equity mortgage will be on our balance sheet.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee It'll be on our balance sheet, which ultimately gets consolidated with the government's. The reality is that the mortgage loan insurance base, not just CMHC but the whole, is actually potentially going to go slightly down because of this program. So it might have some small impac
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee I'm sorry. That's 0.2% to 0.4%.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee Do I understand your question correctly? Have we done analysis as to the impact on pricing in other jurisdictions where it's been tried before?
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee We have not tried to do that, primarily because housing markets, even within Canada, are very distinct as to how they'd react. Some of the larger programs we've mentioned, such as the U.K. program, had much fewer limits. One of the things we're trying to do to contain, actually
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee I meant the people who qualify for mortgage loan insurance.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee That will depend on the final terms and conditions.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee Sorry, they have to have qualified.
May 6th, 2019Committee meeting
Michel Tremblay
Finance committee This was not envisioned to be a down payment assistance program.
May 6th, 2019Committee meeting
Michel Tremblay