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Results: 1 - 15 of 18
View Christine Moore Profile
NDP (QC)
Thank you, Mr. Chair.
I will ask only one question, and then I will yield the floor to Mr. Rankin.
As we know, many homes have never been tested for radon, although a number of them are at risk. Could it be appropriate for CMHC, when processing a file for a home purchase, to require that the new buyer test for radon? That way someone buying a new home would know whether it contains radon or not and whether they have to make improvements to remedy the problem.
View Guy Caron Profile
NDP (QC)
Thank you.
The division on the Canada Mortgage and Housing Corporation can be split in two, even if they overlap depending on the clauses. This division deals with the oversight of the corporation. However, CMHC has expanded enormously since it started. It is really big, which is another concern for us. That's why we are going to support the clauses that focus on oversight, particularly those clauses that place the corporation under the supervision of the Office of the Superintendent of Financial Institutions. That seems logical to us, given that the superintendent is able to carry out that kind of supervision.
However, we are going to have to oppose certain provisions, particularly those that deal with covered bonds. It's an issue we consider very important; it has ramifications and consequences. Given the little time we have been given to address this issue and the impact that such a decision could have on the future of society, and on the situation of society and the government, in the case of real estate bubbles and economic crises in general, we cannot back these clauses. That's why, when we vote on clauses 350 to 367, we are going to divide our votes differently, depending on whether we are dealing with clauses to provide better supervision or clauses dealing more with the issue of covered bonds.
View Guy Caron Profile
NDP (QC)
Thank you.
Mr. Lee, have you had a glance at CMHC's financial statements for the last year?
View Guy Caron Profile
NDP (QC)
My question related to CMHC's financial health, and you confirm that it is in good financial health.
Canadians are familiar with two particular components of CMHC. The first is social housing; the second is the guarantee program for people who cannot put at least 20% down on a home purchase. In general, the proposal to make the Office of the Superintendent of Financial Institutions responsible for CMHC's assets and securitization activities is not bad in itself. It will eliminate taxpayers' liability for a major organization.
Where I see a problem in the direction you are going is when you talk about privatizing the activities. There are two factors. The first is that the private sector has never considered social housing to be a priority. There are no particular incentives for it to invest in social housing. The other factor relates to guarantees. CMHC occupies that niche because of imperfections in the market. This is somewhat the same as for the student loan program, where the private sector does not guarantee loans to borrowers who might present more of a risk.
That is why I think CMHC meets needs that the private sector could not meet. So how can you think that CMHC is in competition with the private sector?
View Marjolaine Boutin-Sweet Profile
NDP (QC)
There are agreements with the provinces, but there are also direct agreements between the federal government and housing cooperatives, for instance. Will these agreements be renewed? I believe this is an issue for the Canada Mortgage and Housing Cooperation.
View Marjolaine Boutin-Sweet Profile
NDP (QC)
In that case, I have a second question for you, Madam Minister. I met with representatives from the Cooperative Housing Federation of Canada who informed me of a pilot project involving two cooperatives with excellent financing, but requiring significant repair. They tried to secure a mortgage with private organizations in order to deal with this situation, in order to keep the rents affordable, etc.
Unfortunately, when they went to see the Canada Mortgage and Housing Corporation in order to cancel the current funding arrangement and obtain a new mortgage, they were told that not only did they have to reimburse the current debt, which is fine, but in addition, there was a five-year penalty. So they had to pay five years' interest, namely $140,000, which was not possible for them.
View Guy Caron Profile
NDP (QC)
Thank you very much, Mr. Chair.
I would like to clarify something. The proposed changes only apply to the issue of securitization of Canada Mortgage and Housing Corporation shares. We are not talking about daily general activities. We are talking about securing the debt and the guarantees it currently has.
View Hoang Mai Profile
NDP (QC)
You also mentioned that the growth of household spending could decline because of certain tools the government has implemented. We know the government is currently privatizing the CMHC, in a certain sense, by opening up the market to competitors offering a broader range of services. Could that not lead to greater household debt or the possibility that families will be forced to default on their payments?
As for the CMHC, its role is opening up somewhat. The market has been opened up to competitors that offer additional services. We have seen this, of course, and that is why the CMHC—
View Marie-Claude Morin Profile
NDP (QC)
First, I would like to thank you for your presentation. It was very interesting.
I have a quick technical question. In your presentation, you did not speak about the residential rehabilitation assistance program (RRAP). Could I ask you some questions about this program?
View Marie-Claude Morin Profile
NDP (QC)
How are the maximum amounts granted under the RRAP determined and allocated among housing structures?
View Marie-Claude Morin Profile
NDP (QC)
In short, the provinces are responsible for implementing this program and determining how the amounts will be allocated.
Under this same program, is there anything specific planned in terms of modified housing for seniors and people with disabilities?
View Marie-Claude Morin Profile
NDP (QC)
Do the provinces, which must manage all these funds from the federal government, and the recipients feel that these amounts are sufficient to meet the needs of all the provinces and territories?
View Marie-Claude Morin Profile
NDP (QC)
Just out of curiosity, I would like to know when this and the other programs were last indexed.
View Marie-Claude Morin Profile
NDP (QC)
Will the funding given to the provinces be adjusted in light of the current housing crisis and the ever-increasing need for affordable housing programs? This crisis is affecting all Canadian communities, but it is hitting first nations communities particularly hard. Can a modification be made?
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