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FINA Committee Meeting

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Minutes of Proceedings

Standing Committee on Finance (FINA)
44th Parliament, 1st Session
Meeting 97
Thursday, June 15, 2023, 11:05 a.m. to 1:18 p.m.
Webcast
Presiding
Peter Fonseca, Chair (Liberal)

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Library of Parliament
• Michaël Lambert-Racine, Analyst
• Joëlle Malo, Analyst
Committee Business
The committee proceeded to the consideration of matters related to committee business.

It was agreed, — That the proposed budget in the amount of $7,350, for the study of the impact of inflation and interest rates on mortgages in Canada, be adopted.

Impact of Inflation and Interest Rates on Mortgages in Canada
Department of Finance
• Matthew Emde, Senior Director, Demand and Labour Analysis, Economic Analysis and Forecasting Division, Economic Policy Branch
• Rachel Grasham, Senior Director, Housing Finance, Financial Stability and Capital Markets Division, Financial Sector Policy Branch
• Robert Sample, Director General, Financial Stability and Capital Markets Division, Financial Sector Policy Branch
• Julie Turcotte, Acting Assistant Deputy Minister, Economic Policy Branch
Pursuant to Standing Order 108(2) and the motion adopted by the committee on Thursday, June 8, 2023, the committee commenced its study of the Impact of Inflation and Interest Rates on Mortgages in Canada.

Robert Sample made a statement and, with the other witnesses, answered questions.

Motion

Daniel Blaikie moved, — That Vice-Chair Hallan no longer has the confidence of the Standing Committee on Finance and, as a result, that we proceed immediately to the election of a new Vice-Chair from the Official Opposition.

Debate arose thereon.

At 12:13 p.m., the sitting was suspended.

At 12:18 p.m., the sitting resumed.

The debate continued.

RULING BY THE CHAIR

The Chair ruled the proposed motion admissible.

Whereupon, Marty Morantz appealed the decision of the Chair.

The question: "Shall the decision of the Chair be sustained?" was put and the decision was sustained on the following recorded division:

YEAS: Yvan Baker, Terry Beech, Daniel Blaikie, Sophie Chatel, Julie Dzerowicz, Heath MacDonald — 6;

NAYS: Adam Chambers, Jasraj Singh Hallan, Philip Lawrence, Marty Morantz, Gabriel Ste-Marie — 5.

The debate continued.

Motion

Philip Lawrence moved, — That the debate on the motion of Daniel Blaikie be now adjourned.

The question was put on the motion and it was negatived on the following recorded division:

YEAS: Adam Chambers, Jasraj Singh Hallan, Philip Lawrence, Marty Morantz, Gabriel Ste-Marie — 5;

NAYS: Yvan Baker, Terry Beech, Daniel Blaikie, Sophie Chatel, Julie Dzerowicz, Heath MacDonald — 6.

At 12:32 p.m., the sitting was suspended.

At 12:32 p.m., the sitting resumed.

The debate continued.

By unanimous consent, it was agreed, — That the witnesses be dismissed.

The debate on the motion of Daniel Blaikie continued.

Motion

Julie Dzerowicz moved, — That the debate be now adjourned.

The question was put on the motion and it was negatived on the following recorded division:

YEAS: Yvan Baker, Terry Beech, Sophie Chatel, Julie Dzerowicz, Heath MacDonald — 5;

NAYS: Daniel Blaikie, Adam Chambers, Jasraj Singh Hallan, Philip Lawrence, Marty Morantz, Gabriel Ste-Marie — 6.

The debate on the motion of Daniel Blaikie continued.

Motion

Terry Beech moved, — That the debate be now adjourned.

The question was put on the motion and it was agreed to on the following recorded division:

YEAS: Yvan Baker, Terry Beech, Adam Chambers, Sophie Chatel, Julie Dzerowicz, Jasraj Singh Hallan, Philip Lawrence, Heath MacDonald, Marty Morantz, Gabriel Ste-Marie — 10;

NAYS: Daniel Blaikie — 1.

At 1:18 p.m., the committee adjourned to the call of the Chair.



Alexandre Roger,
Alexandre (Sacha) Vassiliev
Clerks of the committee