M-54 First-Time Home Buyer Incentive

That, in the opinion of the House,

(a) the First-Time Home Buyer Incentive (FTHBI) introduced in 2019 to respond to mounting problems of housing affordability has failed on the following points:

(i) the average home price in 2021 increased by 26.6%,

(ii) Canada has the lowest supply of homes and the fastest rising house prices in the G7,

(iii) the FTHBI had a goal to help 100,000 Canadians by September 2022,

(iv) the FTHBI only had 13,961 approved applicants by February 2022,

(v) the FTHBI program criteria has changed three times since its start-date; and

(b) the government should immediately discontinue the FTHBI, and pursue new programs that exclusively increase the supply of housing.