December 18, 1957 (23rd Parliament, 1st Session)

PC

Howard Charles Green (Minister of Defence Production; Minister of Public Works; Leader of the Government in the House of Commons; Progressive Conservative Party House Leader)

Progressive Conservative

Mr. Green:

Mr. Chairman, I am very hopeful that private money will provide the necessary funds next year for housing, and that those funds will be provided at a rate which certainly would not be any higher than the present rate of 6 per cent. No one can tell at the moment what the situation will be next year. My hon. friend will realize that the rates under the insured loans which are made by the lending institutions with their own funds would have to be kept at the same rate as is charged on these agency loans which are made with government funds. It would be chaotic to have a different rate on the two different types of loans.
I am informed by my officials that in the normal course the amount of $150 million in a year, which was what we provided under our original plan, would be only something like 10 per cent of the total amount of money required for housing. That will explain our difficulty to the hon. member. I do not say there is anything sacred about the present rate. Rates have been changed before and I would think that they would be keeping in line with what the actual conditions are across the country.

Topic:   IS, 1S57
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