FINA Committee Meeting
Notices of Meeting include information about the subject matter to be examined by the committee and date, time and place of the meeting, as well as a list of any witnesses scheduled to appear. The Evidence is the edited and revised transcript of what is said before a committee. The Minutes of Proceedings are the official record of the business conducted by the committee at a sitting.
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Minutes of Proceedings
Tom Kmiec gave notice of the following motion:
That, pursuant to Standing Order 108(2), the Committee undertake a study of the new mortgage rules introduced Monday, January 1, 2018, by the Office of the Superintendent of Financial Institutions, and report to the House on:
(a) the impact of these new mortgage rules on first-time homebuyers, young families, single-parent families, new Canadians, and segments of the population who are traditionally underrepresented in the real estate market;
(b) the impact of these new mortgage rules on Canadians holding high-ratio mortgages and unconventional mortgages;
(c) the anticipated regional economic effects of these new mortgage rules, acknowledging the disparities between the various real estate markets in Canada;
(d) the impact of these new mortgage rules on homeowners at the time of mortgage renewal or re-qualification; and
(e) the overall effectiveness of utilizing federal financial regulatory mechanisms to address housing affordability when provincial and municipal policy tools are considered;
that the Committee begin this study of the new mortgage rules as soon as the current Statutory Review of the Proceeds of Crime and Terrorist Financing Act study is completed and its report is tabled in the House; and that the Committee report to the House no later than Monday, June 18, 2018, providing in its report the impacts, effectiveness, and scope of the said new mortgage rules and shall include recommendations regarding the effectiveness of federal mortgage-related policies to be considered by the Office of the Superintendent of Financial Institutions and the federal government at large.
Trevor Bhupsingh, Cherie Henderson, Joanne Crampton and Sébastien Aubertin-Giguère made statements and, with John Davies, answered questions.
At 5:04 p.m., the sitting was suspended.
At 5:23 p.m., the sitting resumed.
George Dolhai made a statement and, with Paul Saint-Denis, answered questions.
At 6:13 p.m., the sitting was suspended.
At 6:15 p.m., the sitting resumed in camera.
It was agreed, — That, pursuant to Standing Order 115(5), the Committee continue to sit.
It was agreed, — That a proposed budget in the amount of $37,800.00, for the study of the statutory review of the Proceeds of Crime and Terrorist Financing Act, be adopted.
It was agreed, — That, in relation to the study of the statutory review of the Proceeds of Crime and Terrorist Financing Act, the proposed budget in the amount of $140,685.13, for the Committee’s travel to Toronto, Ontario, London, United Kingdom, Washington, D.C. and New York City, New York, United States of America, in Spring 2018, be adopted, and that the Chair present this budget to the Subcommittee on Committee Budgets of the Liaison Committee.
It was agreed, — That the Committee consider the Supplementary Estimates (C), 2017-18 on Thursday, March 1, 2018.
At 6:24 p.m., the Committee adjourned to the call of the Chair.