Thank you, Mr. Chairman. I guess to add to what Mr. Nerysoo said, I think it is important for the record, if nothing else, to indicate that the Northwest Territories also has the fastest growing population in North America. Within the territories itself, if I can speak somewhat selfishly, the Keewatin Region is growing faster than anywhere else. So, the impact that we have got now with a shortage of 3,584 housing units will only further compound itself with the population explosion that we have got.
There is no question that the private market simply will not, and cannot, pick up that slack. I think it is important for those Members not familiar with the development of private housing to understand that even in today's world under the current conditions, banks and financial institutions are extremely reluctant to lend, even with long term leases, significant sums of money. In particular, it is related to real estate. I know I am not talking from just my own personal experience; I know that is a fact. So, even if the private sector wanted to pick it up at a far greater pace than it is currently picking up, particularly in the smaller areas, I think there would be some serious problems in relation to financing. We have got to be aware of that.
I said to somebody the other day that, this financial situation with Olympia & York has had a real impact on the Northwest Territories. The fact of the matter is, that the lending institutions are viewed in real estate and development of real estate, in a much lesser light than they did a few years ago, because of those serious financial problems we have got with these big international majors. It does affect the smaller communities because the banks are not shrinking that explosion, they are expanding it. Even though we wanted to, if there was a desire to provide to expand, and all the rent, and income supplement programs for example, you still have got to find the mortgage money to build this stuff. I could tell you that two years ago you used to be able to get in based on 10 percent and 90 percent mortgage, that simply does not exist, and I think that is an important argument for the Minister to make when you are dealing with the feds. It does not exist right now, unless you are living in Yellowknife, you might get it, but I tend to doubt it.
Aside from the constitution and the arguments, if we were looking for an alternative, and I know that recently you have advertised for an expansion of Rent Income Supplement Program, which I support. Unless the developers have got deep pockets, they simply are not going to get the kind of funding that they have been accustomed to getting in former years. So, that is an important financial consideration.
I think that we need to move forward with some kind of game plan. I mean, I think we have got a bit of a window right now, particularly with the discussions on the Constitution, and the fact that aboriginal issues, if you want, are front and centre. I think there is a limited window, but I do think that we should be taking some advantage of that. We should be saying to the Prime Minister, through the Government Leader, that we should be reconsidering, if you want, our position, on the Constitution. If fundamental basics like housing, which was funded in the past by the federal government, is going to be off-loaded into the territorial government, it seems that this housing issue is only one of many. Last week we heard about the off-loading of health, I mean, what is next?
At some point we have got to take the federal government to task, now maybe this housing issue is it, but if they continue to off-load them, the bubble will burst. There is just not enough money to do the kinds of things that we want to do, so I suggest to you that what we need to develop before the end of the week is some kind of game plan where we all participate. We have got to gather the support of the aboriginal groups at the national level, and raise the profile of this whole issue of social housing for aboriginal people. I can tell you that if we have not got any money in the N.W.T. coffers I do not see where else it is going to come, no matter how well intentioned the expansion of your Rent Supplement Income Program is. If you talk to the developers across the territories, I am sure they will tell you the same thing. So, from my perspective, we need to have a bit of a game plan, and we have got to do it quickly; the window is open, as they say, but we have got to do it quickly.
I think the other thing we have got to consider, and I am sure you are doing it, and that is to help get better value for the dollars that we are spending. I still believe, even though it is somewhat of a contentious issue about building more units, rather than these individual units, I think that we have got to move forward on that, and recognize the reality of building the kind of housing that we have built in the past, even though we were in a better financial position, we just simply cannot keep up with that pace. If we had, for example, as you said earlier, the reinstatement of funding to the 1991 level, we still would be nowhere near catching up. I remember Tom Butters, when he was the Minister of Housing, talking about the same thing, we are 3,500 units short, and that was a few years ago. You have to find another way to get more cost effective housing, and that may be that we have to look at simpler designs, multi-plexis, apartment complexes, etcetera, no matter how concerned people may be about multi-dwelling type of units.
I think really the bottom line for me anyway, and in listening to what you told us today, is that what is required is a concerted, political action by all of us. I think you have got to get to the national level as many of the aboriginal groups as possible. We should be pulling what sympathetic political people there are, whether it is Ms. Blondin, or Mr. Anawak. You should be looking to this side of the House for support as well, and I think that by the end of the week we better have some plan as to how we are going to move forward. There is just no way we are going to find a shortfall of $22 million dollars, I mean we are having a heck of a time right now trying to balance the budget as Mr. Pollard wants to do. If you put any more strain on an already strained system, and what really frustrates me, through the whole budget process it was always the bottom end of the scale that seems to take the most pain. Here we are again, looking at people who are having a difficult time defending themselves. While people who need public and social housing, and it seems that every time I turn around in the short time I have been at this job, are taking the most pain. Whether it is drugs and alcohol, or suicide, or whatever. We are talking about 153 units for next year in comparison with 372, a short fall of about $22 million dollars I believe, that is what he said, right? I mean, we have got to stand up for these people because that is our job; we have got to gather our resources, move forward, and I suspect that is what we should be doing. We should not be afraid to take the federal government on. We should not be afraid to say that we are mad as hell, and we are not going to take it any more. Newfoundland has done it all their lives, and they have not suffered in terms of transfer payments. We should not be reluctant to challenge them, and I suggest to you that is what we should be doing.
We need to get national attention to this issue, the Globe and Mail, the Montreal Star, as that is where we need to get some attention to this issue. So, I would suggest to you Mr. Morin, Mr. Speaker, Mr. Chairman, that this requires political action of the highest level, and we have got to pull in as many aboriginal leaders as we can, and anybody else that is prepared to stand tall with us, we cannot sit back and let the federal government off-load, once again, more responsibility. The responsibility, whether they like it or not, in my opinion, lies with them. Thank you.