A message from His Excellency, the Governor General transmitting supplementary estimates (B) for the financial year ending March 31, 1968, was presented by Hon. Mitchell Sharp (Minister of Finance), read by Mr. Speaker to the house, and referred to the committee of supply.
[DOT] (11:10 a.m.)
PROPOSED LIMITATION OF RATE CHARGED ON REAL ESTATE MORTGAGES
Mr. Speaker, the purpose of this bill is to limit the rate of interest that may be charged on mortgages of real estate in Canada. At the present time the great mass of the population are finding it increasingly difficult to acquire homes of their own, to a large extent because of the very high rates of interest that prevail across the country on mortgages of real estate, something that should not be necessary so far as secured creditors are concerned.
This bill is merely an attempt by a member of this house to amend the Interest Act to deal with the situation. Mortgages of real estate in which the principal moneys are made payable to the government of Canada or any crown corporation have had to be exempted from the provisions of the bill in order that a private member of parliament may not be barred by law from introducing the legislation.
I am sure the house will welcome an opportunity, brief though it may be, to have a discussion on the bill as a whole. This is an attempt to discipline a wayward economy-
Topic: INTEREST ACT
Subtopic: PROPOSED LIMITATION OF RATE CHARGED ON REAL ESTATE MORTGAGES
Mr. Speaker, the Canadian Bill of Rights is silent on the right of Canadian citizens to use both official languages. It appears highly desirable that Canadian citizens feel at home from coast to coast, and the purpose of this bill is to ensure that they be in a position to use either the English or the French language throughout the land. It is not the purpose of this bill to compel anyone to speak two languages, but to declare the practical equality of both languages. It is but one step in the direction of Canadian unity.
Topic: CANADIAN BILL OF RIGHTS
Subtopic: AMENDMENT RESPECTING USE OF EITHER OFFICIAL LANGUAGE