44th Parl. 1st Sess.
October 28, 2022 10:00AM
- Oct/28/22 11:12:16 a.m.
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Mr. Speaker, people in Regina—Wascana and Canadians across the country are having trouble making their mortgage payments. This week, the Bank of Canada increased lending rates by 50 basis points. That was the sixth consecutive rate hike this year. With housing becoming less and less affordable, almost all Canadians are starting to worry about paying for the roofs over their heads.
I say almost all Canadians, because these difficult economic times seem to have gone unnoticed in the Prime Minister's Office. On a trip to London, England last month, the Prime Minister's Office managed to rack up $400,000 in hotel bills and other costs. This included one room in particular that cost $6,000 per night. If the Prime Minister cannot understand that Canadians are struggling, then Canadians need a new prime minister.
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- Oct/28/22 11:20:12 a.m.
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Mr. Speaker, the Prime Minister told Canadians not to worry about his massive deficits and borrowing and spending, because he said interest rates would stay low for a very long time. Then he turned around and pumped $400 billion into Canada's banking system, causing prices to rise.
Now, to fight the inflation the Liberals caused, the Bank of Canada has again jacked up interest rates. For the average mortgage in Vancouver, that means families will have to find another $1,900 a month just to stay in their own homes.
Has the government been briefed on how many Canadians will have to turn their keys over to the bank as they struggle to pay these rising mortgage costs?
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- Oct/28/22 11:21:40 a.m.
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Mr. Speaker, the Prime Minister has not answered a question in this House in seven years.
We are here answering questions on behalf of Canadians who are struggling to pay their mortgage costs just to stay in their own homes. The typical family in Hamilton who now have to renew their mortgage will have to come up with an extra $1,300 a month, just to stay in the home they are already living in.
The Prime Minister said he was going to go into debt so Canadians did not have to. Where should families in Hamilton send the bill for their higher mortgage costs?
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- Oct/28/22 11:22:56 a.m.
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Mr. Speaker, what we are against is the inflationary deficits that the government is causing. The reason prices are going up today is that the government flooded the banking system with $400 billion of brand new cash, and now Canadians have to pay for it.
Again, and these are based on modest estimates from the Canadian Real Estate Association, a typical family in Ottawa will have to come up with an extra $1,000 a month when they go to renew their mortgage. Once again, has the government been briefed on how many Canadian families are going to lose their homes because of the Liberal-caused inflation?
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- Oct/28/22 11:24:16 a.m.
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Mr. Speaker, talking about people who cannot afford to put food on the table at the end of the month and those who will have to pay an additional $800 a month for their mortgage payment is not a gimmick. It is the reality that Canadians are facing right now because the government spent billions of dollars. That created inflation and increased interest rates. Because of that, now all Canadians are struggling.
How many families will go bankrupt because of this NDP-Liberal coalition's dubious policies?
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- Oct/28/22 11:25:25 a.m.
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Mr. Speaker, not once since the start of question period has the parliamentary secretary answered the question asked of her.
How many families will have to declare bankruptcy at the end of the month because of the NDP-Liberal coalition's inflationary policies? An average Montreal family servicing a $500,000 loan will not be able to pay the mortgage at the end of the month, because that loan will cost an extra $800 per month.
How many families will have to hand over the keys to their home because of the government's financial incompetence?
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