Hon. Robert H. Winters (Minister of Public Works):
Mr. Speaker, I wish to table order in council P.C. 408 which proclaims the National Housing Act, 1954, as of Monday, March 22, 1954. I am also tabling a copy of the regulations under P.C. 409 as well as P.C. 410 setting forth the interest rates. The maximum rate of interest for insured mortgage loans has been established at 5J per cent. In respect of rental insurance loans, the same rate applies. The interest rate for limited dividend companies remains unchanged at 3 f per cent. The maximum level of loans for home ownership has been established at $12,800 for a single house and $15,300 for a duplex exclusive of the insurance premium. Regulations for the operation of the act have been established and the form of mortgage deeds has been determined. There is provision that prepaid monthly tax instalments in the hands of the approved lenders shall bear interest at the savings account rate of the chartered banks. Explanatory leaflets and forms are being distributed so that the new legislation may be operative next Monday morning.