Thank you, Madam Speaker. Later today, I will be tabling photos of the home of a constituent from Whati.

The Housing Corporation is asking this constituent to sign a refinance agreement for $140,000. Madam Speaker, the photos I will table later today show that this House has a lot of problems. Madam Speaker, they are using assessed value, not actual value, to determine how much the house and property is worth, which is another way of saying Housing Corporation decides on its own how much the house is worth. Most places in Canada, the price of houses are determined by market value. Quote, "The price at which an asset will sell for in the competitive setting". End of quotation.

Madam Speaker, there is no competitive setting outside of the capital and regional centres in the Northwest Territories. Since Housing owns most homes in small NWT communities, people have no choice but to accept the deal Housing Corporation gives them or they become homeless. There is a clear power imbalance between the buyer and seller.

This buyer feels she has no choice but to sign. She does not want the nine people living in the house or the newborn baby to become homeless. In this case, the Housing Corporation is asking for $140,000 for a house that does not even have a flushing toilet and is in poor condition. Madam Speaker, this is my understanding of assessed value works in simple terms. In 2017, I purchased my car for $60,000. Today, its market value is $20,000. Madam Speaker, if Housing was to sell my car, they would assess its value and try to sell it for $60,000 purchase price. It is unfair for the person buying that car to pay more than $20,000 market value. Madam Speaker, can I have unanimous consent to conclude my statement.

---Unanimous consent granted

People buying these houses are overpaying for a house that is going to depreciate in value over time just so they do not get put on the street. There is no housing market in small communities. Very few homes are ever bought or sold. Madam Speaker, there should be an ombudsman or a third party to oversee the sale of houses and ensure houses are fairly valued.

I think in these situations, the Housing Corporation has a conflict of interest. On one hand, they are mandated and government-funded to provide programs to the people. On the other hand, they act like a corporation to try and turn profit. I think that is why the public distrusts the Housing Corporation. Madam Speaker, I think the Housing Corporation should become a department of the Government of the Northwest Territories and cease to be a corporation so they can act only in the best interests of families and NWT residents. Madam Speaker, I will have questions for Minister of Housing at appropriate time. Thank you.

---Applause