[English translation not provided.]
Mr. Speaker, one of the biggest issues for my constituents in Jean Marie River and other small Deh Cho communities is that they cannot afford to become homeowners, even with the program the Government of the Northwest Territories has in place.
There are not a lot of economic opportunities in my region, making it difficult for people to take on the responsibility of home ownership. Even if they qualify for a mortgage, Mr. Speaker, it is often beyond their means when you factor in their other monthly costs like groceries, vehicle payments and other expenses.
As I travel to the communities in my constituency, there are houses that sit empty while many families have serious housing needs. People want to be homeowners, but the cost of living makes that goal out of their reach. One of the challenges is the way the Housing Corporation calculates the core needs income threshold.
As I understand it, the way the income threshold for the home ownership program assistance is calculated is based on the construction costs, land costs, interest rates and shelter costs of a particular community. What isn’t factored in to this is an extremely high cost of living in all our smaller communities. If the core need income threshold included an adjustment that took into account the cost of living differentials between communities, it could bring the cost of home ownership down to a more affordable level for many residents in our small communities.
Interest rates are another part of the core needs income threshold calculation that could be examined. If a percentage of the mortgage rate were subsidized by the Housing Corporation, it could be used as another tool that could make home ownership more affordable for NWT residents.
The NWT Housing Corporation is trying to promote home ownership, but for many people the costs are just too high. We all agree that having a good home is the foundation to a healthy, secure and independent lifestyle. We need to make sure that the programs that are in place to support this goal actually work. I urge the Minister responsible to review the way in which home ownership assistance is calculated to make home ownership more affordable in our smaller communities. Mahsi Cho, Mr. Speaker.
Thank you, Mr. Menicoche. The honourable Member for Nunakput, Mr. Jacobson.
