HANSARD: What would government do to stop housing financialization?

House of Common Hansard
Oral Questions
October 28th, 2022 / 11:30 a.m.

Jenny Kwan Vancouver East, BC

Mr. Speaker, under the Harper government, the cost of buying a home increased by 77%. It doubled under the Liberals. The average rent in Canada is now over $2,000 a month. Families just cannot afford it. 

Both the Conservatives and the Liberals allowed for the financialization of housing to go unchecked, treating housing as a stock market instead of a necessity by allowing corporate landlords to evict people from their homes to turn a profit. Canadians deserve to find a home they can afford.

Will the Liberals stand with Canadian families and put a stop to the profiteering of housing?

Soraya Martinez Ferrada Parliamentary Secretary to the Minister of Housing and Diversity and Inclusion (Housing)

Mr. Speaker, I thank my colleague for her question. There is definitely a speculative element in the real estate market right now. That is why our government decided to implement an annual tax of 1% on the value of residential property owned by non-resident non-Canadians and to prohibit foreign investment for two years. We want to make sure we protect our market here in Canada.

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