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FINA Committee Meeting

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Minutes of Proceedings

Standing Committee on Finance (FINA)
44th Parliament, 1st Session
Meeting 110
Monday, October 23, 2023, 3:40 p.m. to 5:39 p.m.
Televised
Presiding
Peter Fonseca, Chair (Liberal)

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• Ryan Williams for Adam Chambers (Conservative)
• Mike Morrice (Green Party)
Library of Parliament
• Michaël Lambert-Racine, Analyst
• Joëlle Malo, Analyst
Policy Decisions and Market Forces that have led to Increases in the Cost of Buying or Renting a Home in Canada
As an individual
• Steve Pomeroy, Industry Professor, McMaster University and Executive Advisor, Canadian Housing Evidence Collaborative
Canadian Real Estate Association
• Michael Bourque, Chief Executive Officer
• Shaun Cathcart, Director and Senior Economist, Housing Data and Market Analysis
City of Guelph
• Cam Guthrie, Mayor
Montreal Economic Institute
• Daniel Dufort, President and Chief Executive Officer
Pursuant to Standing Order 108(2) and the motion adopted by the committee on Thursday, September 21, 2023, the committee resumed its study of policy decisions and market forces that have led to increases in the cost of buying or renting a home in Canada.

Steve Pomeroy, Michael Bourque, Cam Guthrie and Daniel Dufort made statements and, with Shaun Cathcart, answered questions.

Merger of Royal Bank of Canada and HSBC Bank Canada
Pursuant to Standing Order 108(2) the committee commenced its study of the merger of Royal Bank of Canada and HSBC Bank Canada

Motion

Jasraj Singh Hallan moved, — That the Standing Committee on Finance report the following to the House: given that;

(a) after eight years of Justin Trudeau the Competition Bureau of Canada finds Canada’s competitive intensity is in decline, a measure that was reflected in all indicators measure by the bureau;

(b) there already are very few financial institutions in the Canadian banking sector representing a lack of competition;

(c) removing competition in the financial sector could raise banking fees for Canadians who already pay more for financial services due to an already uncompetitive financial sector;

that the committee calls on the Minister of Finance to reject the merger of RBC and HSBC.

Debate arose thereon.

Motion

Rachel Bendayan moved, — That the debate on the motion be adjourned until the end of the meeting.

Debate arose thereon.

It was agreed, — That the debate on the motion of Jasraj Singh Hallan be scheduled to take place at the end of today’s meeting, provided that the committee comes to a vote on the motion before adjourning.

Questioning of the witnesses resumed.

Pursuant to the Order adopted earlier today, the committee proceeded to debate the motion of Jasraj Singh Hallan.

The debate continued on the motion of Jasraj Singh Hallan.

After debate, the question was put on the motion and it was agreed to on the following recorded division:

YEAS: Daniel Blaikie, Adam Chambers, Jasraj Singh Hallan, Philip Lawrence, Marty Morantz, Gabriel Ste-Marie — 6;

NAYS: — 0.

At 5:39 p.m., the committee adjourned to the call of the Chair.



Alexandre Roger,
Alexandre (Sacha) Vassiliev
Clerks of the committee