Honourable senators, my question is for the Government Representative in the Senate. In the last three years, we have seen a remarkable increase in insurance premiums resulting in some types, such as condominium insurance, to double each year in the Yukon. Although the national average is lower than what we see in the Yukon, there has still been an increase nationally of about 30% annually for condo insurance.

This trend leads to several negative consequences. Seniors on fixed incomes find it difficult to deal with rapidly increasing living costs. It increases rent if these additional costs are passed on to tenants, putting increased financial pressure on low-income Canadians trying to find affordable housing. Real estate investments are affected by higher associated costs and lower return where those costs can’t be passed onto tenants, potentially reducing the attractiveness of rental properties as investments or even reducing the availability of rental units.

We know that insurance falls under provincial and territorial jurisdiction; however, considering the government ran and won on a platform entitled Forward: A Real Plan for the Middle Class and has recommitted to the National Housing Strategy, yesterday the stress test changes were implemented.

Government Representative in the Senate, what is the federal government doing in collaboration with the provinces and territories to address the alarming trend of increased condominium insurance costs that are affecting so many Canadians? Thank you.

Government representative, I appreciate the government’s initiatives with respect to the National Housing Strategy and that condominium insurance is one specific component of that housing strategy. I understand the Prime Minister is in regular contact with the premiers of provinces and territories and that this may be lower down on the agenda. Could I have reassurance that the Government Representative in the Senate will look into this specific issue of condominium insurance being raised with premiers?