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House Hansard - 145

44th Parl. 1st Sess.
December 9, 2022 10:00AM
Context: House Hansard - 145 - Dec/9/22
Mr. Pat Kelly (Calgary Rocky Ridge, CPC)
  • Dec/9/22 11:11:59 a.m.
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Madam Speaker, this week's interest rate hike means that the prime rate of Canada's chartered banks is 6.45%, the highest in 22 years. Half of Canadian homeowners with a mortgage are worried they will not be able to afford their own home when their mortgage comes up for renewal. A typical homebuyer from five years ago, renewing a $400,000 mortgage, can expect their payments to go up by $400 or $500 a month or more when they renew, and new buyers, at today's rates and prices, have all but given up hope. Canadians already face higher prices from Liberal tax increases on gas, groceries and home heating. They cannot afford higher mortgage payments too. The Liberals justified their out-of-control spending and borrowing since 2015 by saying that interest rates would never go up, but they were wrong. Liberal spending and borrowing drove up the cost of credit, and now Canadians have to pay more for their mortgages, and their kids are saddled with a legacy of Liberal debt.
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