House Standing Committee on Finance (February 13, 2024)
ANNEX D: Past FCAC appearances at FINA and recent coverage of FINA business
On October 18, 2023, FCAC was invited to appear in front of FINA as part of its study of “Policy Decisions and Market Forces that have led to Increases in the Cost of Buying or Renting a Home in Canada”. At the time, this study was presented at centered on the particulars of housing, which falls outside of the Agency’s mandate, and FCAC declined. Discussions have evolved since then, and the Mortgage Charter was introduced as a part of the Fall Economic Statement.
Summary of recent media coverage of FINA business:
Media coverage over the last 90 days has focused on the appearances of the Bank of Canada and the Minister of Finance. The tone of the coverage was neutral among mainstream media, and more negative in smaller fringe outlets.
Highlights:
- BoC Governor Tiff Macklem appeared in front of the Committee at the beginning of February 2024 to present a report on monetary policy (not as a part of their study of housing, but still relevant). He explained that the BoC could not solve the housing crisis with interest rates as the root cause of the issue is a supply shortage.
- Interest rates not to blame for housing crisis, Macklem says - BNN Bloomberg
- Supply shortage, not interest rates, causing housing crisis – Macklem | Canadian Mortgage Professional
- Opening Statement before the House of Commons Standing Committee on Finance - Bank of Canada
- Video of the appearance: ParlVu
- Minister Freeland appeared in front of the Committee on November 28, 2023 and had a heated exchange that was picked up by media.
- Parliamentary committee studying housing affordability descends into crosstalk chaos | CBC News
- Conservatives call on Freeland to watch Poilievre housing video | Vermilion Standard
- Freeland calls Conservative MP ‘rude’ and ‘inappropriate’ | CBC.ca
- Remarks by the Deputy Prime Minister and Minister of Finance to the Standing Committee on Finance on Bill C-56, the Affordable Housing and Groceries Act - Canada.ca
- Matthew Boswell, Commissioner of Competition, appeared in front of the Committee on November 27, 2023. No media coverage resulted but the Commissioner advocated for changes to the Competition Act.
- The Canadian Union of Public Employees appeared in front of the Committee in November 2023 and cautioned against blaming the housing crisis on international students and migrant workers for driving up rents. CUPE posited that pension funds investing in rental housing are a significant contributing factor in rental housing unaffordability.