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FINA Committee News Release

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Standing Committee on Finance
House of Commons / Chambre des communes
Comité permanent des finances

For immediate release


NEWS RELEASE


House Finance Committee Releases its Report on Canada's Housing Markets

Ottawa, April 13, 2017 -

The image is a map of Canada with circles in the location of certain cities; the larger the size of the circle, the greater was the year-over-year house price growth in that city between February 2016 and February 2017. This statistic was the following for the cities represented in the map: 21% for Victoria; 14% for Vancouver; -2% for Calgary; -1% for Saskatoon; 4% for Regina; 2% for Winnipeg; 18% for Guelph; 24% for Toronto; 4% for Ottawa; 3% for Montreal; -2% for Quebec City; 1% for Moncton; and 3% for Halifax.

Today, the House of Commons Standing Committee on Finance released a report on Canada’s housing markets. Entitled Canada’s Housing Markets: Benefits, Barriers and Bringing Balance, the report includes five recommendations that address housing-related data gaps, the country’s mortgage regulations and housing affordability, both generally and in relation to first time homebuyers.

“An important part of the Committee’s context when hearing from witnesses and reading briefs submitted to us is the reality that Canada doesn’t have a single housing market, but instead several markets across the country’s regions,” said the Honourable Wayne Easter, P.C., M.P., Chair of the Committee. “One of our priorities was examining the extent to which the country’s housing markets are balanced, which we interpreted to mean providing access to affordable housing for the greatest number of Canadians while maintaining both stability in our housing markets and in our financial system.”

Mr. Easter concluded: “As always, I know that I speak on behalf of all Committee members in thanking all of those who took the time to appear before us or to submit a brief to us. The input of Canadian individuals and groups is always a fundamental aspect of the Committee’s work as we undertake various studies. Certainly, that input was invaluable as the Committee was considering its recommendations.”

The Committee’s report can be accessed at: Canada's Housing Markets: Benefits, Barriers and Bringing Balance

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For more information, please contact:
Suzie Cadieux, Clerk of the Standing Committee on Finance
Tel: 613-992-9753
E-mail: FINA@parl.gc.ca