Human Resources committee  I can confirm that the vacancy rates in our properties have typically been in a relatively narrow band between 4% at the high end down to as low as 1%. We have seen over the last two years that the vacancy rate has been fairly consistent between 1% and 2%. I see that on the low end and on the dangerously tight end, in the sense that I'm advocating for more supply and more choices for customers, and I would be pleased to compete with others in my industry to attract tenants to our properties.

Human Resources committee  It is my opinion that there is not enough housing to meet the demand. We operate primarily in small and mid-sized markets around the greater Toronto and Hamilton area. We don't do anything in downtown Toronto proper or downtown Ottawa proper—some of these major cities—but we operate in cities like Hamilton, Burlington, Cobourg, Kitchener and St.

Human Resources committee  Well, I'm not sure I'm qualified to speculate on that. I do know that we would like to be a part of the supply solution, and we would like to build more buildings in each of the markets where we're operating. We believe there are opportunities for the private sector to bring mid-market, attainable rentals—that is, not low-income or low-rent ones—across the spectrum and across the markets in every location where we operate.

Human Resources committee  Thank you, MP Collins. Speaking to the programs offered by the CMHC, the apartment construction loan program in particular—at the time of our applications, it was known as the rental construction financing initiative—was instrumental and vital in allowing us to refine our construction budgets in order to proceed with new rental construction.

Human Resources committee  Absolutely. Thank you. I would point out that the question isn't whether it should continue. It is, why was it ever introduced for residential apartment construction? Where we have no input tax credits on revenue, why would we be paying HST or GST? That being said, that is a decision that long predates my involvement in the industry.

Human Resources committee  Good evening, Mr. Chair. I'm pleased to have the opportunity to address the standing committee as it continues its study of federal housing investments. My name is David Horwood. I'm a principal at Effort Real Estate Corporation and the Effort Trust group of companies based in Hamilton, Ontario.