Mr. Speaker, it is my pleasure to stand here today to address the hon. member's question. The hon. member for York South—Weston has asked the government to explain its position on the issue of long-term funding for affordable housing in Canada, and I am pleased to have the opportunity to respond to this question today.

Let me begin by stating very clearly that my colleagues and I share the hon. member's concern for the well-being of people who find themselves in need of housing.

Our government has made unprecedented investments in affordable housing. We have made those investments over the past number of years, and we will continue to do so. Since 2006, our government, through CMHC, has invested more than $16.5 billion in housing. These investments have benefited more than 900,000 Canadian individuals and families. Again, this year, the government will provide $2 billion in housing investments right across this country.

As for the longer term, I am sure that all hon. members of the House will recall that in economic action plan 2013, we renewed the investment in affordable housing until 2019, with $1.25 billion in funding over five years. Further to that, in recognition of the distinctive needs of northern Canada, our government also announced $100 million over two years to support the construction of new and affordable housing in Nunavut.

The renewal of the investment in affordable housing ensures continuity of federal funding for housing programs across Canada, and I am pleased to say that renewal agreements have now been signed with most provinces and territories, and remaining agreements should be in place very shortly. An important component of these agreements is that provinces and territories match the federal investment in their jurisdictions. They are also responsible for designing and delivering affordable housing programs that meet their local housing needs and priorities.

Hon. members should know that the investment in affordable housing, which of course, was introduced by our government in 2011, is making a huge difference in communities all across Canada. As of September 30, over 200,000 households have benefited from this initiative.

As well, this does not include the hundreds of thousands of Canadian households that benefit from the annual federal subsidy for existing social housing units, both on and off reserve. Provinces and territories also contribute to this funding. This is provided to low-income Canadians through long-term agreements with housing groups. These agreements span 25 to 50 years, and when they mature, the federal government funding will end, as it was always planned to end, because Canadians know that when the mortgage is paid off, they stop paying the bank.

The majority of non-profit and co-operative housing projects are expected to be financially viable and mortgage free at the end of the operating agreements. Housing providers will find themselves with valuable real estate assets and a decrease in operating expenses that can be used to continue to offer affordable housing to other Canadians who need it most.

For housing projects that may face financial difficulties when subsidies end, CMHC has been actively working to help them prepare for the end of their operating agreements. It is important to remember that provinces and territories can opt to use funds from the investment in affordable housing to support projects after their operating agreements have matured.

Scott Armstrong

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