\u636e\u52a0\u901a\u793e\u6d88\u606f\uff1a\u8054\u90a6\u8d22\u957f\u8d39\u62c9\u9016(Jim Flaherty\uff09\u4eca\u5929\u5ba3\u5e03\u65b0\u7684\u623f\u5c4b\u6309\u63ed\u653f\u7b56\uff0c\u8fd9\u5c06\u4f7f\u52a0\u62ff\u5927\u4eba\u4ee5\u6709\u9650\u7684\u50a8\u84c4\u8d2d\u623f\u53ca\u83b7\u5f97\u6309\u63ed\u66f4\u56f0\u96be\u3002\u65b0\u7684\u63aa\u65bd\u5305\u62ec\u53d6\u6d88\u6700\u957f30\u5e74\u7684\u6309\u63ed\u671f\u81f325\u5e74\uff0c\u540c\u65f6\u5c06\u623f\u5c4b\u518d\u62b5\u62bc\u8d37\u6b3e\u7684\u989d\u5ea6\u4ece\u539f\u6765\u623f\u5c4b\u4ef7\u503c\u768485%\u51cf\u5c11\u523080%\u3002<\/p>\n
Harper Government Takes Further Action to Strengthen Canada\u2019s Housing Market<\/strong><\/p>\n As part of the Government\u2019s continuous efforts to strengthen Canada\u2019s housing finance system, the Honourable Jim Flaherty, Minister of Finance, today announced further adjustments to the rules for government-backed insured mortgages.<\/p>\n \u201cOur Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future,\u201d said Minister Flaherty. \u201cThe adjustments we are making today will help them realize their goals, build on the previous measures we have introduced to keep the housing market strong, and help to ensure households do not become overextended. As just one example, the reductions to the maximum amortization period since 2008 would save a typical Canadian family with a $350,000 mortgage about $150,000 in borrowing costs over the life of that mortgage.\u201d<\/p>\n The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent:<\/p>\n \u00b7 Reduce the maximum amortization period to 25 years from 30 years. This will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner. The maximum amortization period was set at 35 years in 2008 and further reduced to 30 years in 2011.<\/p>\n \u00b7 Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes. This will promote saving through home ownership and encourage homeowners to prudently manage borrowings against their homes.<\/p>\n \u00b7 Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent. This will better protect Canadian households that may be vulnerable to economic shocks or an increase in interest rates.<\/p>\n \u00b7 Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million.<\/p>\n \u201cInvesting in a home is a great way to save,\u201d said Minister Flaherty. \u201cThat is the dream that mortgage insurance was intended to support. The measures we are taking today maintain that intended purpose.\u201d<\/p>\n Minister Flaherty said the new rules will take effect on July 9, 2012.<\/p>\n \u623f\u8d37\u7533\u8bf7 \u95e8\u69db\u56db\u5ea6\u62c9\u9ad8<\/strong><\/p>\n \u4e16\u754c\u65e5\u62a5\u7f16\u8bd1\u7ec4\u6e25\u592a\u534e20\u65e5\u7535\/\u8054\u90a6\u653f\u5e9c\u4e3a\u4e86\u963b\u6b62\u56fd\u6c11\u8d1f\u503a\u7ee7\u7eed\u589e\u957f\uff0c\u5c06\u4e8e21\u65e5\u518d\u5ea6\u5ba3\u5e03\u63d0\u5347\u7533\u8bf7\u623f\u5c4b\u62b5\u62bc\u8d37\u6b3e\u95e8\u69db\u3002<\/p>\n \u8054\u90a6\u8d22\u653f\u90e8\u957f\u8d39\u62c9\u9016\uff08Jim Flaherty\uff09\u5c06\u5ba3\u5e03\u8fd9\u4e00\u89c4\u5b9a\u3002\u8054\u90a6\u8d22\u653f\u90e8\u7684\u65b0\u89c4\u5b9a\u4e3a\uff0c\u623f\u8d37\u7684\u6700\u4e45\u507f\u8fd8\u5e74\u9650\uff08amortization\uff09\u4ece\u73b0\u884c\u768430\u5e74\u8fdb\u4e00\u6b65\u7f29\u77ed\u81f325\u5e74\uff0c\u4ee5\u623f\u5c4b\u4f5c\u62b5\u62bc\u7533\u8bf7\u8d37\u6b3e\u65f6\u6700\u591a\u53ea\u80fd\u53d6\u5f97\u76f8\u5f53\u623f\u5c4b\u4ef7\u503c80%\u7684\u8d37\u6b3e\uff0c\u800c\u975e\u73b0\u884c\u7684\u53ef\u4ee5\u53d6\u5f97\u76f8\u5f53\u623f\u5c4b\u4ef7\u503c85%\u7684\u8d37\u6b3e\u3002<\/p>\n \u4f9d\u636e\u52a0\u62ff\u5927\u653f\u5e9c\u7684\u89c4\u5b9a\uff0c\u6d88\u8d39\u8005\u5728\u8d2d\u5c4b\u65f6\uff0c\u5982\u679c\u5934\u671f\u6b3e\u4e0d\u5230\u623f\u4ef7\u768420%\uff0c\u4fbf\u5fc5\u987b\u5411\u52a0\u62ff\u5927\u623f\u8d37\u66a8\u623f\u5c4b\u516c\u53f8\uff08Canadian Mortgage and Housing Corp.\uff09\u8d2d\u4e70\u7531\u653f\u5e9c\u62c5\u4fdd\u7684\u623f\u8d37\u4fdd\u9669\u3002\u5728\u65b0\u653f\u7b56\u4e0b\uff0c\u5982\u679c\u623f\u8d37\u7684\u6700\u4e45\u507f\u8fd8\u5e74\u9650\u957f\u4e8e25\u5e74\uff0c\u4fbf\u4e0d\u5177\u5907\u5411\u52a0\u62ff\u5927\u623f\u8d37\u66a8\u623f\u5c4b\u516c\u53f8\u8d2d\u4e70\u623f\u8d37\u4fdd\u9669\u7684\u8d44\u683c\uff0c\u6362\u4e00\u53e5\u8bdd\u8bf4\uff0c\u5c31\u662f\u501f\u4e0d\u5230\u94b1\u4e70\u623f\u5b50\u3002<\/p>\n \u8fd9\u5c06\u662f\u81ea2008\u5e74\u4ee5\u6765\uff0c\u8054\u90a6\u8d22\u653f\u90e8\u7b2c\u56db\u5ea6\u63d0\u5347\u623f\u8d37\u7533\u8bf7\u95e8\u69db\u3002<\/p>\n \u4e3a\u4e86\u9884\u9632\u56fd\u6c11\u8d1f\u503a\u5931\u63a7\uff0c\u52a0\u62ff\u5927\u8054\u90a6\u653f\u5e9c\u4e0a\u4e00\u6b21\u662f\u5728\u53bb\u5e74\u6625\u5b63\u518d\u5ea6\u6536\u7d27\u8d37\u6b3e\u89c4\u5219\u7684\u63aa\u65bd\uff0c\u5c06\u623f\u8d37\u7684\u6700\u4e45\u507f\u8fd8\u5e74\u9650\u4ece\u4e4b\u524d\u768435\u5e74\u7f29\u77ed\u81f330\u5e74\uff0c\u4ee5\u623f\u5c4b\u4f5c\u62b5\u62bc\u7533\u8bf7\u8d37\u6b3e\u65f6\u6700\u591a\u53ea\u80fd\u53d6\u5f97\u76f8\u5f53\u623f\u5c4b\u4ef7\u503c85%\u7684\u8d37\u6b3e\uff0c\u4ee4\u6d88\u8d39\u8005\u66f4\u96be\u53d6\u5f97\u623f\u5c4b\u8d37\u6b3e\u53ca\u5176\u4ed6\u8d37\u6b3e\u3002\u52a0\u62ff\u5927\u623f\u8d37\u66a8\u623f\u5c4b\u516c\u53f8\u53bb\u5e74\u79cb\u5b63\u62a5\u544a\u8bf4\uff0c\u6b64\u4e3e\u663e\u8457\u51cf\u5c11\u623f\u8d37\u6210\u957f\u901f\u5ea6\uff0c\u8be5\u89c4\u5b9a\u5b9e\u65bd\u540e\uff0c\u5168\u56fd\u623f\u8d37\u7533\u8bf7\u4e2a\u6848\u7acb\u5373\u51cf\u5c1140%\uff0c\u5230\u53bb\u5e749\u6708\u5e95\u65f6\u4ecd\u6bd4\u5b9e\u884c\u65b0\u89c4\u5b9a\u4e4b\u524d\u4f4e25%\u3002<\/p>\n \u7f29\u77ed\u623f\u8d37\u7684\u6700\u4e45\u507f\u8fd8\u5e74\u9650\uff0c\u9020\u6210\u6d88\u8d39\u8005\u8fd8\u8d37\u8d1f\u62c5\u589e\u52a0\uff0c\u4f46\u5728\u963b\u6b62\u6d88\u8d39\u8005\u501f\u94b1\u4e70\u623f\u4ea7\u7684\u540c\u65f6\uff0c\u5bf9\u4e8e\u6d88\u8d39\u8005\u800c\u8a00\uff0c\u6709\u52a9\u4e8e\u4ed6\u4eec\u652f\u4ed8\u8f83\u5c11\u7684\u5229\u606f\uff0c\u548c\u66f4\u5feb\u507f\u6e05\u623f\u8d37\u3002<\/p>\n \u76ee\u524d\u5c1a\u4e0d\u6e05\u695a\u8054\u90a6\u653f\u5e9c\u5b9a\u4e8e21\u65e5\u5ba3\u5e03\u7684\u65b0\u623f\u8d37\u7533\u8bf7\u89c4\u5b9a\u4f55\u65f6\u65bd\u884c\uff0c\u4e4b\u524d\u4e24\u6b21\u7c7b\u4f3c\u7684\u65b0\u89c4\u5b9a\u90fd\u662f\u5728\u5ba3\u5e03\u540e\u7ea660\u5929\u751f\u6548\u7684\u3002<\/p>\n Transcript: Harper Government Takes Further Action to Strengthen Canada’s Housing Market<\/strong><\/p>\n DATE\/DATE: June 21, 2012 8:15 a.m. Moderator: Good morning. Bienvenue. I\u2019m Jim Bronskill of the Canadian Press on behalf of the Parliamentary Press Gallery. Today, we have Ministers Flaherty and Bernier. They will each have a statement and they will be happy to take your questions. If you have a question, please signal to me and I will add you to our list. <\/p>\n Minister, please proceed.<\/p>\n Hon. Jim Flaherty: Thank you. And good morning, everyone. Earlier this spring, our government tabled the Economic Action Plan 2012 which sets out a comprehensive agenda that bolsters our fundamental strengths to help create jobs, growth and prosperity for the future. <\/p>\n One of these key strengths is our strong housing sector. The home is the biggest and most important investment for most Canadian families. Our government has long encouraged Canadians to continue to borrow responsibly and use home ownership as a savings vehicle. <\/p>\n Notre gouvernement encourage depuis longtemps les Canadiens et les Canadiennes \u00e0 continuer d\u2019emprunter de mani\u00e8re responsable et se servir de leur propri\u00e9t\u00e9 comme m\u00e9canisme d\u2019\u00e9pargne. <\/p>\n And for the most part, Canadians have done so. During the global economic crisis, Canadians continued to pay their mortgages but we must remain vigilant. As witnessed in the United States, the health of a country\u2019s housing market can dictate the health of a broader economy. That\u2019s why our government continually monitors the housing market, ready to take proactive action and responsive action when necessary to ensure its ongoing strength.<\/p>\n Indeed, just recently, to further support the long-term stability of our housing and mortgage markets, we took steps in Economic Action Plan 2012 to enhance the governance and oversight framework for the Canada Mortgage and Housing Corporation, CMHC.<\/p>\n CMHC\u2019s commercial activities, particularly its mortgage insurance and securitization programs play an important role in the housing market and in the financial system. Our proposed changes will ensure strengthened oversight of CMHC and ensure its commercial activities are managed in a manner that promotes the stability of the financial system.<\/p>\n Les changements que nous proposons renforceront la surveillance exerc\u00e9e par le Canada Mortgage and Housing Corporation et feront en sorte que ses activit\u00e9s commerciales soient g\u00e9r\u00e9es de mani\u00e8re \u00e0 promouvoir la stabilit\u00e9 du syst\u00e8me financier.<\/p>\n As I mentioned earlier, we are constantly monitoring the housing market, ready to act when necessary. In recent years, our government has taken a series of measured steps to protect the long-term stability of housing and mortgage markets and to help prevent Canadian households from getting over extended.<\/p>\n So, today, building on those previous steps, we are announcing adjustments to the rules for taxpayer-backed mortgage insurance.<\/p>\n First, we will reduce the maximum amortization period to 25 years from 30 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 percent. This will further reduce the total interest payments Canadian families make on their mortgages, helping them build up value in their homes more quickly and pay off their mortgage debt sooner. <\/p>\n For a typical Canadian family with a $350,000 mortgage, measures to reduce the maximum amortization period taken by our government since 2008 would save them about $150,000 in debt costs over the life of a mortgage. So that\u2019s the first thing, the amortization period.<\/p>\n Secondly, we will lower the maximum amount Canadians can borrow in refinancing to 80 percent from 85 percent of the value of their homes. Limiting the amount of refinancing will encourage homeowners to prudently manage borrowing against their properties and keep equity in their homes. That\u2019s the second thing. <\/p>\n Thirdly, we will fix the maximum gross debt service ratio at 39 percent and the maximum total debt service ratio at 44 percent. That sounds technical but what it really means is that these debt service ratios measure the percentage of a household\u2019s income that is required to cover payments associated with servicing debt. This measure will better protect Canadian households that may be vulnerable to economic shocks or an increase in interest rates.<\/p>\n And the fourth and final item is we will limit the allowable price for taxpayer-backed mortgage insurance to homes priced under $1 million. A down payment of at least 20 percent will be required on mortgage loans for homes priced at or above $1 million. Our government is committed to the long-term stability of the housing market. That is why we committed in Budget 2011 last year to introduce a legislative framework to strengthen our oversight of mortgage insurance in Canada.<\/p>\n Tomorrow, we will pre-publish the regulations necessary to bring this new framework into force.<\/p>\n Also, today, the Superintendent of Financial Institutions will be releasing its final guideline on residential mortgage underwriting practices and procedures. I welcome the release of OSFI\u2019s guideline which underscores leaders\u2019 \u2013 lenders\u2019 responsibilities in ensuring prudent mortgage underwriting and risk management practices and complements the actions that our government is taking today. <\/p>\n So, in closing, I would remind Canadians that our government is committed to a strong and stable housing market. We always monitor developments. We are ready to take action when necessary to protect the investment of Canadian families. <\/p>\n Thank you. And I\u2019m glad that my colleague Maxime Bernier is with me.<\/p>\n Hon. Maxime Bernier: Merci. Thank you, Jim. Bon matin \u00e0 tous. Vous savez que l\u2019achat d\u2019une maison repr\u00e9sente pour les familles canadiennes le plus important investissement de leur vie. Notre gouvernement les encourage, et \u00e7a depuis longtemps, \u00e0 continuer d\u2019emprunter de mani\u00e8re responsable et \u00e0 se servir de leur propri\u00e9t\u00e9 pour \u00e9pargner. <\/p>\n Comme nous l\u2019avons constat\u00e9 aux \u00c9tats-Unis, la sant\u00e9 du march\u00e9 du logement d\u2019un pays peut dicter la sant\u00e9 de l\u2019ensemble de son \u00e9conomie. Notre gouvernement surveille constamment le march\u00e9 du logement. Il faut toujours \u00eatre vigilant, responsable. <\/p>\n Nous annon\u00e7ons donc aujourd\u2019hui des ajustements qui s\u2019appliquent \u00e0 l\u2019assurance-hypoth\u00e8que garantie par le gouvernement. Je veux attirer votre attention sur deux mesures en particulier. Elles pourraient se r\u00e9sumer par ce dicton populaire, \u201cQui paie ses dettes s\u2019enrichit, qui paie ses dettes plus rapidement s\u2019enrichit plus rapidement.\u201d <\/p>\n Donc nous annon\u00e7ons aujourd\u2019hui que la p\u00e9riode maximale d\u2019amortissement de nouveaux pr\u00eats hypoth\u00e9caires va passer de 30 \u00e0 25 ans. Cela touche les emprunteurs qui versent une mise de fonds initiale de moins de 20 pour cent et dont le prix d\u2019achat de la maison est inf\u00e9rieur \u00e0 un million de dollars. \u00c7a va r\u00e9duire le montant total des int\u00e9r\u00eats que paient les familles canadiennes. \u00c7a va aussi les aider \u00e0 accro\u00eetre plus rapidement la valeur de leur maison et \u00e0 acc\u00e9l\u00e9rer le remboursement de leur hypoth\u00e8que.<\/p>\n Nous r\u00e9duisons aussi le montant maximal que les Canadiens peuvent emprunter lors d\u2019un refinancement. Ce montant va passer de 85 pour cent \u00e0 80 pour cent de la valeur de la maison. En limitant le montant du refinancement, nous encourageons les propri\u00e9taires \u00e0 g\u00e9rer avec prudence les emprunts qu\u2019ils contractent et \u00e0 conserver la valeur acquitt\u00e9e de leur maison.<\/p>\n Notre gouvernement appuie les familles canadiennes qui tentent d\u2019\u00e9pargner en investissant dans leur maison et dans leur avenir et surtout nous sommes r\u00e9solus \u00e0 soutenir la stabilit\u00e9 \u00e0 long terme du march\u00e9 du logement au Canada. <\/p>\n Merci. <\/p>\n Moderator: Questions. Julian Beltrame.<\/p>\n Question: I\u2019m wondering, Minister, why now? All the trend lines seem to be going down in terms of credit growth and in terms of housing crisis, in terms of house sales, house starts. And some economists are wondering whether or not this hammer may actually kill one of the few engines of robust growth in the country\u2019s economy.<\/p>\n Hon. Jim Flaherty: Well, it\u2019s a good question. We have intervened three times during the last six years in the housing market. Our involvement of course is insured mortgages through CMHC and through a couple of private sector companies that are in the insured mortgage business. Wealthy people can borrow whatever they want from banks and they can work that out with banks and that\u2019s not my concern. My concern is the broader range of Canadian people who might get over extended. So we\u2019ve intervened three times \u2014 today now for the fourth time. We watch carefully. We monitor the market carefully. I remain concerned about parts of the Canadian residential real estate market, particularly in Toronto but not only in Toronto. So that is why we were intervening once again.<\/p>\n As I say, Julian, this is a judgment call. I mean this is not written anywhere in a book about when one intervenes and when one does not intervene. But my judgment is that we need to calm particularly the condo market in a few Canadian cities.<\/p>\n Question: Is part of this to do with the fact that you realize interest rates are not going to come up, are not going to rise anytime soon?<\/p>\n Hon. Jim Flaherty: Well, you\u2019ll have to, you know, talk to the Governor about that but the Governor of the Bank is responsible for that matter. The reality is and we just came back from the G-20 meeting of leaders and finance ministers and the reality is that the European situation is very challenging, to put it mildly, and that we\u2019re not likely to see increases in interest rates by the Fed in the United States, for example, for a while. So my job is to look at our own country and look at the residential real estate market and make the best judgment that we can.<\/p>\n Moderator: Madeleine Blais-Morin.<\/p>\n Question: Monsieur le ministre Bernier, qu\u2019est-ce qui vous inqui\u00e8te le plus? Est-ce que c\u2019est la pr\u00e9sence peut-\u00eatre d\u2019une bulle immobili\u00e8re ou c\u2019est l\u2019endettement des Canadiens?<\/p>\n L\u2019hon. Maxime Bernier: Bien, vous savez que maintenant l\u2019endettement des Canadiens au total est au-dessus de 150 pour cent. C\u2019est un chiffre qui est assez \u00e9lev\u00e9 et ce que nous faisons, nous assurons la stabilit\u00e9 du march\u00e9 hypoth\u00e9caire au Canada. Le ministre l\u2019a bien dit tout \u00e0 l\u2019heure, c\u2019est une mesure qui est responsable et nous voulons faire en sorte que les Canadiens puissent continuer \u00e0 \u00e9pargner et avoir de l\u2019\u00e9quit\u00e9 sur leur r\u00e9sidence. Donc c\u2019est une mesure qui est responsable et qui est ad\u00e9quate dans le cas du march\u00e9 actuel. <\/p>\n Je peux vous dire que si on regarde ce qui se passe au Canada versus d\u2019autres pays, nous avons et le ministre des Finances et mon gouvernement a tr\u00e8s bien g\u00e9r\u00e9 la suite de la crise financi\u00e8re et c\u2019est dans cette mouvance-l\u00e0 que nous intervenons une autre fois pour s\u2019assurer de la stabilit\u00e9 du march\u00e9 hypoth\u00e9caire \u00e0 moyen et \u00e0 long terme.<\/p>\n Question: Est-ce que \u2013 est-ce que vous craignez \u2013 est-ce que c\u2019est encore possible que des soubresauts dans le march\u00e9 compromettent la reprise? Si \u2013 vous l\u2019avez dit l\u00e0 que les taux d\u2019int\u00e9r\u00eat vont pas n\u00e9cessairement remonter bient\u00f4t mais n\u2019emp\u00eache que si \u00e7a se d\u00e9stabilise le fragile \u00e9quilibre qu\u2019il y a en ce moment dans l\u2019endettement dans la valeur des maisons, est-ce que \u00e7a \u00e7a pourrait compromettre la reprise? <\/p>\n L\u2019hon. Maxime Bernier: Mais vous parlez des taux d\u2019int\u00e9r\u00eat. Le ministre des Finances, Jim, l\u2019a bien dit tout \u00e0 l\u2019heure les taux d\u2019int\u00e9r\u00eat sont dict\u00e9s par la Banque du Canada. La Banque du Canada est responsable de la politique mon\u00e9taire au Canada. C\u2019est \u2013 le jugement en ce qui concerne les taux d\u2019int\u00e9r\u00eat, je le laisse au gouverneur de la Banque du Canada. Et en regardant l\u2019ensemble du march\u00e9 immobilier, du march\u00e9 de l\u2019habitation, il est opportun de faire cette mesure-l\u00e0 actuellement pour s\u2019assurer que c\u2019est une mesure qui est proactive et on peut pas dicter le comportement du march\u00e9. On peut pas \u2013 on n\u2019a pas de boule de cristal pour savoir quel va \u00eatre l\u2019\u00e9tat de l\u2019\u00e9conomie canadienne dans plusieurs \u2013 plusieurs ann\u00e9es ou quelques mois mais en regardant dans le pass\u00e9 les mesures que notre gouvernement nous avons \u2013 les mesures que nous avons pris dans le pass\u00e9 en ce qui concerne ce dossier-l\u00e0 \u00e7a l\u2019a bien servi l\u2019\u00e9conomie canadienne et je suis conscient que la mesure d\u2019aujourd\u2019hui va bien servir l\u2019\u00e9conomie canadienne aussi et les m\u00e9nages canadiens et les familles. <\/p>\n Moderator: Paul Vieira.<\/p>\n Question: Mr. Flaherty, I want to go back on this interest rate question. You said \u2013 you said that you don\u2019t anticipate the Federal Reserve to raise interest rates for a while. Is this why maybe in consultation with the Bank of Canada Governor that you\u2019ve decided to move because the Bank of Canada\u2019s \u2013 is going to be hamstrung in terms of raising rates and that policy lever will not be available to cool potential overheating in real estate markets? <\/p>\n Hon. Jim Flaherty: You know, Paul, I\u2019m not in a position to talk to you about my discussions with the Governor of the Bank of Canada. We have a very good relationship. In fact, we have a legal responsibility to talk to each other. The Governor and I were together at the G-20 meetings earlier this week in Los Cabos in Mexico.<\/p>\n The reality is that there\u2019s grave concern about the economic recovery in Europe and that\u2019s what we spent a couple of days talking about in Mexico. So that\u2019s the reality. But in terms of monetary policy and setting rates, that\u2019s something you\u2019ll have to ask the Governor about.<\/p>\n Question: As a follow-up, have you \u2013 do you know how much of a hit Canadian economic growth is going to take from this \u2013 from these measures you\u2019re introducing? Has your department \u2013 how much is it going to slow down GDP growth? How\u2019s it going to affect revenue intake? Do you have any sort of \u2014<\/p>\n Hon. Jim Flaherty: We do. You know, as we\u2019d expect we don\u2019t do these things blindly and we have lots of people who look at the numbers. In terms of Canadian families, what we anticipate is less than five percent of new home purchasers would be affected by this initiative. Now it will mean that some people will not buy into the market. It will also mean that some people will buy less into the market so they\u2019ll buy a less expensive home or a less expensive condominium. Good. We consider \u2013 I consider that desirable. So if it has that kind of cooling effect, that to me is a good thing.<\/p>\n I can tell you, you know, we consult broadly and I consult broadly personally with developers, with lenders, with builders, with lots of people and I\u2019m concerned that in some markets in Canada there\u2019s been excessive demand. And for that reason we\u2019re doing what we\u2019re doing today. <\/p>\n Moderator: Andrew Mayeda.<\/p>\n Question: Minister, if I may, I\u2019d like to ask you specifically about the measure on $1 million homes. Government insurance would not be available for homes priced above \u2013 homes priced above one million. That covers a lot of people. I wish that covered myself but it doesn\u2019t. And it covers a lot of people though, home prices above $1 million. Why did you decide to make that change and I\u2019m wondering if that is a bit too much of a blunt instrument in the housing market right now?<\/p>\n Hon. Jim Flaherty: Well, you know, you have to go back historically and I\u2019m sure Maxime, being an economist, would know the history of this and probably feel fairly strongly about it. I do too. You know, CMHC is the primary insurer which is a liability of the taxpayers of Canada on residential mortgages. It was created after the Second World War to deal with affordable housing challenges for our veterans and it has become something rather grander than that. If someone can afford to pay a million dollars or 1.5 or 2.5 million dollars and so on \u2014 I realize in Vancouver and Toronto this happens and other places as well \u2014 they don\u2019t really need CMHC. That\u2019s not what CMHC is there for. And for that reason we are making that exclusion.<\/p>\n Question: And I know you\u2019re being diplomatic about not talking about the Governor \u2013 I know you\u2019re being diplomatic about not talking about Governor Carney\u2019s move on rates, any move, but I think he\u2019s been fairly clear recently that he perhaps is not going to hike rates in the near future. I\u2019m wondering if you feel like a bit of a Lone Ranger right now in your efforts to deal with a potential housing bubble in Canada because Mr. Carney might be on the sidelines a bit for the next little while.<\/p>\n Hon. Jim Flaherty: You know I\u2019m very mindful of the world situation and this is a challenge for us. It\u2019s a challenge for everybody. And I realize the challenges to central bank governors as well. You\u2019ll have to ask Governor Carney about his views on interest rates. That\u2019s his responsibility, not mine. But I am mindful of the overall fiscal situation. I\u2019m concerned, obviously, that we may get a shock from Europe. We encouraged \u2014 the Prime Minister did, I did \u2014 we encouraged our European colleagues and allies to act with some alacrity and I hope they do. If they don\u2019t, it\u2019s going to be a very \u2013 it could be a very difficult summer. <\/p>\n Moderator: Ray Filion.<\/p>\n Question: Minister Flaherty, est-ce que vous pouvez nous expliquer en fran\u00e7ais en quelques mots la principale crainte qui motive cette d\u00e9cision aujourd\u2019hui?<\/p>\n L\u2019hon. Maxime Bernier: Mais pour r\u00e9pondre \u00e0 la question de fa\u00e7on tr\u00e8s \u2013 tr\u00e8s simple et tr\u00e8s direct, c\u2019est de s\u2019assurer la viabilit\u00e9 du march\u00e9 hypoth\u00e9caire \u00e0 moyen terme au Canada et de faire en sorte que les familles canadiennes puissent continuer \u00e0 avoir acc\u00e8s \u00e0 la propri\u00e9t\u00e9. La mesure de un million de dollars est tr\u00e8s importante aussi. On pense que les gens qui ont les moyens de s\u2019acheter une maison de un million de dollars n\u2019ont pas besoin d\u2019assurance garantie par le gouvernement. Ils peuvent mettre une mise de fonds sup\u00e9rieur \u00e0 20 pour cent. Donc cette mesure-l\u00e0 s\u2019applique seulement aux gens qui ne peuvent mettre \u2013 mettre une mise de fonds inf\u00e9rieure \u00e0 20 pour cent. Et \u00e7a va permettre en sorte de s\u2019assurer de la viabilit\u00e9 du march\u00e9 \u2013 du march\u00e9 hypoth\u00e9caire, comme les mesures ant\u00e9rieures ont \u00e9t\u00e9 prises. Comme je l\u2019ai dit tant\u00f4t, ces mesures-l\u00e0 ont eu un effet positif sur le march\u00e9 puis, comme Jim a dit tant\u00f4t, s\u2019il y a moins de personnes qui peuvent emprunter suite \u00e0 cette mesure-l\u00e0, c\u2019est peut-\u00eatre une bonne chose aussi parce que s\u2019ils ne peuvent pas emprunter c\u2019est qu\u2019il y a pas les moyens de le faire et on veut s\u2019assurer que les familles puissent faire investir dans leur maison de fa\u00e7on prudente et responsable, comme elles le font habituellement.<\/p>\n Question: Est-ce que vous craignez que trop de m\u00e9nages s\u2019endettent trop \u00e0 l\u2019heure actuelle?<\/p>\n L\u2019hon. Maxime Bernier: Bien, je l\u2019ai dit tout \u00e0 l\u2019heure, le taux d\u2019endettement et au-dessus de 50 pour cent. C\u2019est quand m\u00eame assez \u00e9lev\u00e9 et on veut que la maison soit un moyen d\u2019acqu\u00e9rir de l\u2019\u00e9quit\u00e9, d\u2019\u00e9pargner et j\u2019ai cit\u00e9 le dicton tant\u00f4t dans mon discours, \u201cQui paie ses dettes s\u2019enrichit, qui paie ses dettes plus rapidement s\u2019enrichit plus rapidement.\u201d Donc c\u2019est une mesure qui est pro consommateur. <\/p>\n Moderator: Les Whittington.<\/p>\n Question: Mr. Flaherty, I wonder if you could say a bit more about your thinking about the condo market in Toronto. You mentioned it. Is it just overheated, too much demand or is this also \u2013 to what extent does this have to do with \u2013 with speculators, that is flippers, people who are flipping houses, maybe in Toronto or elsewhere?<\/p>\n Hon. Jim Flaherty: Yeah, you know, we\u2019ve been around long enough, you\u2019ve been around long enough, I\u2019ve been around long enough to see hot real estate markets. And, yeah, there are people who speculate and who flip, that\u2019s true. In Toronto in particular what I\u2019ve observed and heard about from developers is continuous building without restriction because of persistent demand. This concerns me and because it\u2019s distorting the market, quite frankly. And for that reason we\u2019re taking the steps we\u2019re taking today. Now we did take some steps a couple of years ago with respect to speculation and those \u2013 you know, those steps have had some impact. But the point, quite frankly, is that we want people to make sure that when they purchase the most important purchase they\u2019ll probably ever make in their life, that they do so in a prudent way. And some calming of the market is desirable.<\/p>\n Question: I didn\u2019t quite follow you on the continuous building. Does that \u2013 one would think that would be a good thing because it would mean more houses \u2013 more units which would reduce the price inflation.<\/p>\n Hon. Jim Flaherty: I hear what you\u2019re saying but it\u2019s \u2014<\/p>\n Question: (Inaudible) backwards somehow.<\/p>\n Hon. Jim Flaherty: Yeah, that\u2019s now it\u2019s working, is it? In fact, we\u2019re seeing an acceleration of prices in Toronto. We have not seen a significant moderation of the market in Toronto and it\u2019s important. It\u2019s an important part of the country. Now Vancouver has seen some moderation but Montreal still has a strong condo market and Quebec City I\u2019m told also. So, you know, it\u2019s just a question of trying to moderate behaviour and I hope that Canadians will reflect before they jump into a market at the high end.<\/p>\n Moderator: Jason Fekete. Hon. Jim Flaherty: Some did and some did not. We watch the market. We do monitor the market. It\u2019s been almost three months since the budget. When we\u2019ve intervened before, three times before, we\u2019ve always intervened outside the budget process. We\u2019ll continue to watch too. I mean we\u2019re going to watch this housing market because it\u2019s \u2013 we want to avoid the kind of issues that have happened in other countries in recent years. And I\u2019m satisfied we are and our market is okay. But I think there\u2019s a prophylactic function for government on this with respect to insured mortgages and it\u2019s our job to try to be ahead of things and act \u2013 and act in a measured way, listening to the market. And I have been listening to the market and, quite frankly, I don\u2019t like what I hear, particularly in the condo market.<\/p>\n Moderator: And the final question, Bill Curry.<\/p>\n Question: Minister, I wanted to ask you about the overall caps on mortgage insurance. As you know, CMHC is near its $600 billion cap. In 2010, your budget bill also had an element that was going \u2013 it proposed to raise the cap to private lenders from I believe it was 250 billion to 350 billion yet that never happened in regulation. People are still waiting for that. So what is your plan on these two fronts? Are you holding the line on these caps as another way of clamping down on lending or are you planning to eventually do that raise on the private side?<\/p>\n Hon. Jim Flaherty: Both. We\u2019re going to hold \u2013 no, the intention is to hold the cap on CMHC and to do the other pat on the private side. I encourage the private lenders in this business \u2013 the government is in this business. Maxime could elucidate on this better than I would. He would love to talk about it, I\u2019m sure. But, you know, we don\u2019t \u2013 the government doesn\u2019t necessarily need to be at the end of the day in the mortgage insurance business. <\/p>\n Hon. Maxime Bernier: Oh, that\u2019s great.<\/p>\n Hon. Jim Flaherty: We think alike. But we have to \u2013 we are in the business so we have to make sure that the exposure to the taxpayers of Canada is reasonable. So the cap will stay where it is for CMHC.<\/p>\n Question: And when will it rise for the private side?<\/p>\n Hon. Jim Flaherty: The regulations are being worked on so get that done. <\/p>\n Moderator: Ministers, thank you for being here.<\/p>\n Hon. Jim Flaherty: Thank you very much.<\/p>\n L\u2019hon. Maxime Bernier: Merci. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":" \u636e\u52a0\u901a\u793e\u6d88\u606f\uff1a\u8054\u90a6\u8d22\u957f\u8d39\u62c9\u9016(Jim Flaherty\uff09\u4eca\u5929\u5ba3\u5e03\u65b0\u7684\u623f\u5c4b\u6309\u63ed\u653f\u7b56\uff0c\u8fd9\u5c06\u4f7f\u52a0\u62ff\u5927\u4eba\u4ee5\u6709\u9650\u7684\u50a8\u84c4\u8d2d\u623f\u53ca\u83b7\u5f97\u6309\u63ed\u66f4\u56f0\u96be\u3002\u65b0\u7684\u63aa\u65bd\u5305\u62ec\u53d6\u6d88\u6700\u957f30\u5e74\u7684\u6309\u63ed\u671f\u81f325\u5e74\uff0c\u540c\u65f6\u5c06\u623f\u5c4b\u518d\u62b5\u62bc\u8d37\u6b3e\u7684\u989d\u5ea6\u4ece\u539f\u6765\u623f\u5c4b\u4ef7\u503c\u768485%\u51cf\u5c11\u523080%\u3002 Harper Government Takes Further…
\nLOCATION\/ENDROIT: National Press Theatre, Ottawa, Ontario
\nPRINCIPAL(S)\/PRINCIPAUX: The Honourable Jim Flaherty, Minister of Finance;
\nThe Honourable Maxime Bernier, Minister of State (Small Business and Tourism).
\nSUBJECT\/SUJET: Minister of Finance Jim Flaherty Holds a Media Availability.<\/p>\n
\nSo, as I said before, our government stands behinds the efforts of hardworking Canadian families to save by investing in their homes and their future. That is what mortgage insurance was intended to support, that is Canadian families to save by investing in their homes and their future. The measures we are taking today maintain that intended purpose of supporting the typical Canadian family through taxpayer-backed mortgage insurance. <\/p>\n
\nQuestion: Minister, thanks. Just a question on back in March, you remember for your pre-budget consultation a bunch of the economists that we met with at your office there basically all came out and said that they were concerned about this and they wind up at the mic, Derek Burleton and Avery Shenfeld and they indicated they\u2019d like to see \u2013 a couple of them said they\u2019d like to see the government reduce amortization back to 25 years, maybe increase the minimum down payment. Doug Porter and others said they weren\u2019t as concerned. But how \u2013 how much of an impact did that meeting have on your decision and on what the economists were telling you because they clearly indicated they had some concerns?<\/p>\n
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