Mr. Speaker, let me reassure the hon. member for Trinity-Spadina that we have taken action and we will continue to monitor all parts of the economy, including areas that may pose a particular risk.
It is thanks to the prudent fiscal management and the sound leadership of our Prime Minister that Canada has weathered the storm of the great recession. Our economy has created over 1.2 million net new jobs since the depths of the recession, one of the strongest job creation records in the G7. The overwhelming majority of those jobs are full-time in the private sector and in high-wage industries.
According to the International Labour Organization's global wage report, Canada has the best pay gains in the G7. The Centre for American Progress says that Canada has experienced continuing middle-income growth, while for many countries it has halted.
Unlike the NDP and the Liberals, we will not raise taxes on Canadian families, drive the country further into deficit, and pile on more debt. That is why our government took a prudent approach and made a number of adjustments to residential mortgage insurance, and we will consider others, as warranted.
Our government does not see the need for a major shift at this time. Our long-term objective is to gradually reduce the government's exposure to residential mortgages. We will continue to monitor the real estate market, as necessary.
However, let me remind the House that the NDP and the Liberals voted against every measure our government introduced to make houses more affordable for Canadians while limiting taxpayer exposure.
Our government has acted to adjust the rules for government-backed insured mortgages. These adjustments include: requiring a minimum down payment of 5% for owner-occupied properties and 20% on other properties; reducing the maximum amortization period to 25 years from 35 years for mortgages with loan-to-value ratios of more than 80%; and lowering the maximum amount Canadians can borrow in refinancing a mortgage to 80% from 95% of the value of their homes.
Similarly, we strengthened the housing finance system by amending the oversight of Canada Mortgage and Housing Corporation, CMHC, to ensure the corporation's commercial activities are managed in a manner that promotes the stability of the financial system. We will continue to act when necessary to support the long-term stability of Canada's housing markets and encourage savings through home ownership.
There is no doubt that housing has been top of mind for many Canadian families. That is why our government is helping make life more affordable for families with our family tax benefits. Under our plan, every family with children will stand to benefit. In fact, an average family of four will receive $6,600 this year alone. That is money back in the pockets of Canadians to help them with their priorities, like buying a new home, for example.
We also doubled the TFSA, the most important savings tool for Canadians since the RRSP. Over 11 million Canadians have already opened up tax free savings accounts.
There are many more items, but I would like to highlight that our government knows a stable and well-functioning housing finance system is important for the health of Canada's financial system and economic stability, which benefits all Canadians. After all, the biggest investment most Canadians make in their lifetimes is the purchase of their homes and ensuring that such an investment is secure is the responsible thing to do.