The witnesses made statements and answered questions.

Yvan Baker gave notice of the following motion:

That the committee undertake a study of the current state of Canadian pension funds and the plans’ investments of Canadians’ retirement savings abroad; that as part of this study, the committee study the drivers of greater investment allocations outside of Canada, assess the associated economic impacts to Canada’s economy, and consider the merits of increasing Canadian domestic allocation. That the list of witnesses include executives of Canada’s federally regulated pension plans, experts and academics to testify; That the committee hold no less than two meetings on this subject.

Questioning of the witnesses resumed.

Daniel Blaikie moved, — That the committee recognize and express its concern at the fact that consumer and business insolvencies are on the rise in Canada, as well as the fact that two-thirds of mortgage holders are having trouble meeting their financial commitments, including the nearly 40% of mortgage holders that are borrowing just to pay for daily expenses and; that the committee undertake a study of the public policy decisions and market forces that have led to steep increases in the cost of buying or renting a home in Canada, including but not limited to, the acquisition of buildings with affordable units by large corporate or institutional investors mandated to maximize shareholder profit, the acquisition of residential properties for the purpose of running a short-term rental business, the acquisition of multiple residential properties for the generation of passive income, the tax treatment afforded to entities that buy, sell or lease residential properties, the rules governing the provision of mortgages for the purchase of residential properties in Canada, the terms and conditions of Canada Mortgage and Housing Corporation mortgage insurance and the funding of new social and affordable housing by governments in Canada, and; that the committee dedicate its regular meetings on September 25, October 2, October 16, October 23, October 30 November 6, November 20, November 27, December 4, and December 11, to witness testimony on this study, as well as any other meetings the committee deems necessary, and; that the committee include evidence from its March 23, 2023 meeting on ‘Inflation in the Current Canadian Economy’ and its June 15, 2023 meeting on ‘Impact of Inflation and Interest Rates on Mortgages in Canada’ in the evidence for this study, and; that the list of witnesses for this study include, but not be limited to: the Governor of the Bank of Canada, the Chief Executive Officers of Canada’s largest commercial banks, the Superintendent of Financial Institutions, the Federal Housing Advocate, the Canadian Federation of Municipalities, the Canadian Alliance to End Homelessness, the Minister of Housing, Infrastructure and Communities, the Minister of Finance, Canadian Mortgage and Housing Corporation, and the Canadian Real Estate Association and; that the committee seek out opinions from experts in the real estate industry as to legislative initiatives that would incentivize construction of new residential dwellings and; that the committee report its findings to the House no later than February 9, 2024, and; that the committee dedicate its regular meetings on September 28, October 5, October 19, October 26 and November 2, 2023 to witness testimony for pre-budget consultation, and; that the balance of the committee’s regular meetings from November 9 to December 14, 2023, inclusive, be used to examine legislation, prepare a report for the committee’s pre-budget consultation and prepare a report for the study initiated by this motion..

The motion, as amended, read as follows:

That the committee recognize and express its concern at the fact that consumer and business insolvencies are on the rise in Canada, as well as the fact that two-thirds of mortgage holders are having trouble meeting their financial commitments, including the nearly 40% of mortgage holders that are borrowing just to pay for daily expenses and; that the committee undertake a study of the public policy decisions and market forces that have led to steep increases in the cost of buying or renting a home in Canada, including but not limited to, the acquisition of buildings with affordable units by large corporate or institutional investors mandated to maximize shareholder profit, the acquisition of residential properties for the purpose of running a short-term rental business, the acquisition of multiple residential properties for the generation of passive income, the tax treatment afforded to entities that buy, sell or lease residential properties, the rules governing the provision of mortgages for the purchase of residential properties in Canada, the terms and conditions of Canada Mortgage and Housing Corporation mortgage insurance, barriers to housing supply and the funding of new social and affordable housing by governments in Canada, and; that the committee dedicate its regular meetings on September 28, October 16, October 23, October 30, November 6, November 9 and November 20, 2023 to witness testimony on this study, as well as any other meetings the committee deems necessary, and; that the committee include evidence from its March 23, 2023 meeting on ‘Inflation in the Current Canadian Economy’ and its June 15, 2023 meeting on ‘Impact of Inflation and Interest Rates on Mortgages in Canada’ in the evidence for this study, and; that the list of witnesses for this study include, but not be limited to: the Governor of the Bank of Canada, the Chief Executive Officers of Canada’s largest commercial banks, the Superintendent of Financial Institutions, the Federal Housing Advocate, the Canadian Federation of Municipalities, the Canadian Alliance to End Homelessness, the Minister of Housing, Infrastructure and Communities, the Minister of Finance, Canadian Mortgage and Housing Corporation, and the Canadian Real Estate Association and; that the committee seek out opinions from experts in the real estate industry as to legislative initiatives that would incentivize construction of new residential dwellings and; that the committee report its findings to the House no later than February 9, 2024, and; that the committee dedicate its regular meetings on September 25, October 5, October 19, October 26 and November 2, 2023 to witness testimony for pre-budget consultation, and; that the balance of the committee’s regular meetings from November 23 to December 14, 2023, inclusive, be used to examine legislation, prepare a report for the committee’s pre-budget consultation and prepare a report for the study initiated by this motion.

After debate, the question was put on the motion, as amended, and it was agreed to.

It was agreed, — That any Government legislation, including the Fall Economic Statement, take priority over the work of the committee notwithstanding any previous Order adopted by this committee.