Finance

The committee met to study Bill C-4, which includes measures to improve housing affordability and repeal the consumer carbon price. Minister of Housing Gregor Robertson appeared first, focusing on the first-time home buyers’ GST rebate, which would eliminate GST on new homes up to $1 million and reduce it on homes up to $1.5 million, saving buyers up to $50,000. He said the measure would apply to about 47,000 homes annually and deliver $3.9 billion in tax savings over five years. He also discussed the new Build Canada Homes agency, with $13 billion in initial capital to finance affordable housing, including $1 billion for transitional supportive housing. Opposition members pressed him on housing starts, immigration’s effect on prices, and the cost of development charges; he acknowledged housing affordability challenges but defended the government’s approach. The committee did not vote on the bill.

Minister of Environment Julie Dabrusin then addressed part 3 of Bill C-4, which legislates the repeal of the consumer carbon price under the Greenhouse Gas Pollution Pricing Act, effective April 1, 2025, through a phased process. She emphasized that the industrial carbon price and the output-based pricing system remain in place, and that the repeal does not create new emissions impacts since the consumer price was already removed by regulation. Opposition members questioned her on pipelines, the oil and gas emissions cap, and the clean fuel standard; she declined to answer hypotheticals and referred to the Building Canada Act’s criteria for national-interest projects. Bloc members raised the carbon rebate’s exclusion of Quebec and the cost of the clean fuel regulations. The committee did not conclude its study or take a decision on the bill.