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
It was agreed, — That Dan Albas be elected Acting Chair for this meeting.
Tom Kmiec moved, — That pursuant to Standing Order 108(2), the Committee undertake a study of the new mortgage rules introduced 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;
(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.
After debate, the question was put on the motion and it was negatived on the following recorded division:
YEAS: Pat Kelly, Tom Kmiec, Brian Masse — 3;
NAYS: Julie Dzerowicz, Greg Fergus, Raj Grewal, Michael V. McLeod, Jennifer O'Connell — 5.
The witnesses made statements and answered questions.
At 4:29 p.m., by unanimous consent and pursuant to Standing Order 115(5), it was agreed that the Committee continue to sit.
It was agreed, — That the members of the Committee resume questioning of the witnesses with a one five-minute round of questions when they come back from voting in the House.
At 4:42 p.m., the sitting was suspended.
At 5:17 p.m., the sitting resumed.
Questioning of the witnesses resumed.
At 5:40 p.m., Hon. Wayne Easter took the Chair.
At 5:46 p.m., the sitting was suspended.
At 5:49 p.m., the sitting resumed in camera.
It was agreed, — That in relation to the study of pre-budget consultations in advance of the 2019 budget, the proposed budget in the amount of $104,618.60, for the Committee’s travel to Charlottetown, Prince Edward Island, Saint John, New Brunswick, Québec, Quebec, Toronto, Ontario and Oshawa, Ontario, be adopted and submitted to the Subcommittee on Committee Budgets of the Liaison Committee.
It was agreed, — That, in relation to the study of pre-budget consultations in advance of the 2019 budget, the proposed budget in the amount of $93,778.80, for the Committee’s travel to Whitehorse, Yukon, Victoria, British Columbia, Edmonton, Alberta and Winnipeg, Manitoba, be adopted and submitted to the Subcommittee on Committee Budgets of the Liaison Committee.
It was agreed, — That, in relation to the study of pre-budget consultations in advance of the 2019 budget, the proposed budget in the amount of $78,700.07, for the Committee’s travel to Sacramento, San Francisco Bay Area and Silicon Valley, California, United States of America and Houston, Texas, United States of America, be adopted and submitted to the Subcommittee on Committee Budgets of the Liaison Committee.
It was agreed, — That the proposed budget in the amount of $39,900.00, for the study of pre-budget consultations in advance of the 2019 budget, be adopted.
It was agreed, — That, in relation to the study of pre-budget consultations in advance of the 2019 budget:
(a) the Committee adopt the following theme for briefs and testimony: “Economic Growth: Ensuring Canada’s Competitiveness”;
(b) briefs of no longer than 2000 words be submitted through the Committee’s website no later than Friday, August 3, 2018, at 11:59 p.m. EST;
(c) a succinct list of recommendations be included at the beginning of the written submissions;
(d) only one submission per individual or organization be accepted; thus, individuals and organizations should not submit both individually and as part of a joint submission;
(e) all those who submit a written submission will be considered as having made a request to appear before the Committee for the study;
(f) the Clerk be allowed to distribute briefs submitted as they are received, in the language they are written, to the Members of the Committee, notwithstanding the motion adopted on Thursday, February 4, 2016, on the distribution of documents;
(g) a news release be prepared by the analysts and the Clerk, in consultation with the Chair, and be published on the Committee’s website and on social media on Monday, June 4, 2018, to launch the process;
(h) members submit their prioritized lists of witnesses to the Clerk, for the meetings in Ottawa and in each of the nine Canadian cities the Committee plan to visit by 4 p.m. on Friday, August 17, 2018;
(i) priority be given to individuals and groups that address this year’s theme and that have not yet —or have not recently— appeared before the Committee; and
(j) the Committee schedule time for audience remarks during its public hearings in Ottawa.
At 6:05 p.m., the Committee adjourned to the call of the Chair.