Thank you, Mr. Speaker. I am certainly glad to see that the Minister responsible for the NWT Housing Corporation has made a fine statement in the context of housing demands in the Northwest Territories. I am going to preamble my Member's statement by reading a Minister's statement by saying, "Housing continues to be in high demand, especially in the growing and developing economy. This presents us with many challenges and to meet these challenges, the corporation will work closely with residents at the community level, Members of this House and the business community." And, second to that, "The corporation continues to foster emerging housing markets, strengthen its partnerships, and develop more housing opportunities."
Mr. Speaker, it seems like the Minister has some sort of intuition when it comes to housing, so I want to follow that through with my Member's statement by saying that my electoral district of Inuvik Twin Lakes consistently stresses they need to make progressive changes in our socioeconomic policies with emphasis not only in revising policy. In the context of the Minister's statement, one area we need to begin to develop is a mortgage investment corporation for the Northwest Territories.
Mr. Speaker, the first step in trying to achieve a mortgage investment corporation is to seek legal advice as to whether an NWT mortgage investment corporation requires a charter of its own. It may only require a clear definition of its powers.
Mr. Speaker, we feel that a mortgage investment corporation with lending powers that will stimulate a fast approach to the construction of adequate and affordable priced housing. If a trend analysis methodology which will be used is an indicator, this will not only allow for more individuals to purchase homes, but also includes the development of a housing market and a positive benefit for the building sector as well.
Mr. Speaker, my study of housing across the circumpolar world touches Norway. The Norwegian State Housing Bank provides sole support to its policy about providing loans and grants. It provides purchase loans, personal loans and various grants. Loans and grants are primary...(inaudible)...through municipalities.
I know the NWT Housing Corporation has already provided this level of detail through its homeownership programs, but certainly from an economic investment perspective, it remains a costly subsidy. I may remind Members that it is a costly subsidy.
Further, Mr. Speaker, the MIC will also be an investment arm to provide professional staff housing under section 24, paragraphs (1)(f) of the NWT Act. This would provide for an economic initiative for other department staff who rent or buy directly from the Northwest Territories Housing Corporation.
Mr. Speaker, I seek unanimous consent to conclude my statement. Thank you.