44th Parl. 1st Sess.
June 7, 2023 02:00PM
- Jun/7/23 2:26:46 p.m.
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Mr. Speaker, today, we are seeing yet another human tragedy unfold because of the huge, unexpected interest rate hike, which is going to force Canadians to either sell their homes or default on their payments.
The Prime Minister promised that interest rates would stay low for a long time. However, his spending fuelled inflation, forcing the Bank of Canada to raise interest rates.
How much will the average family see their monthly mortgage payments go up by over the next three years?
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- Jun/7/23 2:28:12 p.m.
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Mr. Speaker, the Governor of the Bank of Canada said that this government's deficits are driving up inflation. A former Liberal finance minister said this Prime Minister's inflationary deficits are like stepping on the gas pedal of inflation, while the Bank of Canada has its foot on the brake.
Canada has the highest level of household debt in the G7. Canadians can no longer afford these deficits.
Can the Prime Minister at least tell us by how much mortgage payments will go up over the next three years?
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- Jun/7/23 2:29:33 p.m.
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Mr. Speaker, a sucker punch is what Canadians received from the Prime Minister. He promised them low interest rates for a long time. He said that debt was without consequence and that the budget would balance itself. None of those things came true, and interest rates are now 19 times higher than they were a year ago.
The Governor of the Bank of Canada, the former Liberal finance minister and countless other experts agree that the Prime Minister's deficits are ballooning inflation and, therefore, interest rates.
Families have to plan their finances. Will the Prime Minister indicate by how much the average family will see monthly mortgage payments go up over the next three years?
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- Jun/7/23 2:30:59 p.m.
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Mr. Speaker, austerity is exactly what Canadians are feeling in their household budgets today, while the government budgets overflow with abundance. There has already been a 16% year over year increase in the number of Canadians missing their mortgage payments.
After eight years under the Prime Minister, we have the highest household debt in the entire G7. Household debt is now 7% higher than our entire GDP. Now the Prime Minister's inflationary deficits are shooting up interest rates.
How much more will the average family have to plan to pay in mortgage payments per month?
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- Jun/7/23 2:32:20 p.m.
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Mr. Speaker, it is not just me anymore pointing out that deficits drive inflation. It is Liberals. It is former Liberal finance minister John Manley, who said that the Liberal deficits are “a bit like driving your car with one foot on the gas and the other on the brake generally, especially if there's slushy conditions under your tires.” He is pointing out that the Prime Minister presses his foot on the inflationary gas pedal while the Bank of Canada has to press on the brakes. The engine is eventually going to blow.
We know Canadians cannot pay their bills. Will the Prime Minister be honest today and tell Canadians how much their mortgage payments will go up because of these rate hikes?
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- Jun/7/23 2:50:28 p.m.
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Mr. Speaker, asked by my associate, the finance shadow minister, if deficits had been smaller would inflation have been lower, the Bank of Canada governor answered yes. He also said inflation in Canada is increasingly reflecting what is happening in Canada. Former Liberal premier of Nova Scotia said that, on the inflation side, if governments both nationally and subnationally continue to spend beyond their means, spending to pay the credit card of the government of today, they are going to continue to have inflation that continues to increase.
If the Prime Minister will not believe me, will he at least believe his officials and his Liberal friends?
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- Jun/7/23 2:51:50 p.m.
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Mr. Speaker, it is not just the Governor of the Bank of Canada who says deficits contribute to inflation. It is not just the former Liberal deputy prime minister and finance minister John Manley saying that deficits contribute to inflation. It is his own finance minister and deputy prime minister. She said that deficits pour fuel on the inflationary fire. That is exactly what she did with this budget with $60 billion in additional inflation. That is $4,200 per family, which has now led to higher interest rates.
Will the Prime Minister announce a plan and a deadline to balance the budget to bring down inflation and interest rates?
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- Jun/7/23 2:53:11 p.m.
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Mr. Speaker, it is clear the Prime Minister's staff handed him a stale briefing note because inflation is actually rising. It was up in the most recent reported month. It just so happens that that month followed the introduction of the $60 billion of brand new, above and beyond, inflationary spending by the minister. We now know that deficits contribute to inflation, which raise interest rates. He is right. The Bank of Canada is trying to bring down that inflation while he continues to pour the gas on the fire.
Will he stop that irresponsible practice and deliver a balanced budget to bring down inflation and interest rates?
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- Jun/7/23 2:54:35 p.m.
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Mr. Speaker, did the Prime Minister say, “erroneous fears”?
Tonight families will sit down with their kids at the dining room table to say, “Sorry, we have to sell the house because mortgage payments are going to go up by as much as $1,500 per month”. That is not from me. That is according to the Bank of Canada, which predicts a 40% increase in mortgage payments. People cannot pay $1,500 more in mortgage payments. They have only $200 left in the bank at the end of the month.
Will the Prime Minister acknowledge that these are real fears by real people and stand on their side?
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- Jun/7/23 3:00:18 p.m.
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Mr. Speaker, after eight years of the Prime Minister, he has not only doubled the national debt, adding more debt than all prime ministers combined, but he has overseen a doubling in the average cost of rent, the average mortgage payment and the average necessary down payment.
Household debt in Canada is now the worst of any country in the G7. In fact, our household debt in total is 7% bigger than the entire GDP of the country. The IMF reports that we have the largest risk of mass defaults of all leading economies.
Will the Prime Minister stop heaping on inflation and interest-rate hikes now?
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- Jun/7/23 3:01:39 p.m.
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Mr. Speaker, the Prime Minister is not sending any help. Everything he spends he has to take. It reminds us of when he said he was going to take on government debt so that Canadians would not have to. The Liberals are now stuck with twice the national government debt and the biggest household debt of any country in the G7.
At the time, the Prime Minister flooded the economy with cheap cash, which increased housing prices and therefore mortgage debt. Canadians now have more debt than at anytime in our history, more debt than the size of our entire economy, and they are being hit with a 19-fold increase in interest rates.
How will they ever pay their bills?
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- Jun/7/23 3:03:03 p.m.
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Mr. Speaker, we were the last to go in and the first to come out of the great global recession. We left the country with a balanced budget. Housing costs were half of what they are today, not to mention that food price inflation never went above 4%. That is a far superior record to what the Prime Minister has delivered.
He has doubled housing prices, doubled the cost of a mortgage, doubled rent costs and sent 1.5 million people running to the food bank. He now proposes another $60 billion of inflationary deficits, or $4,200 in extra costs to Canadians.
Will he do what he promised to do just six months ago and give a date for a balanced budget?
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- Jun/7/23 3:04:25 p.m.
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Mr. Speaker, there he goes again. He is totally out of touch. He says Canadians have never had it so good. Those nine in 10 young people who have given up on ever owning a home have never had it so good, says the Prime Minister. The 1.5 million who are going to food banks or skipping meals have never had it so good. Those going to The Mississauga Food Bank and seeking help with medical assistance in dying, not because they are sick but because they are hungry, have never had it so good.
What they are experiencing is the unavoidable mathematics of an inflationary government, which has spilled $500 billion of inflation on their backs. When will he balance the budget to bring down those costs?
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- Jun/7/23 3:08:45 p.m.
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Mr. Speaker, after eight years of this Prime Minister, our families' level of household debt is the highest in the G7.
According to the International Monetary Fund, Canada runs the highest risk of mortgage defaults among all of the world's advanced economies. The Prime Minister is increasing interest rates with his inflationary policies that are forcing the Bank of Canada to raise its rates.
What is he going to do to reverse his inflationary policies and lower the interest rates before Canadians lose their homes?
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- Jun/7/23 3:10:08 p.m.
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Mr. Speaker, we do not need another drama performance, because at the end of the day, when theatrics collide with mathematics, the math always wins. After eight years of the Prime Minister, Canadians have a stock of combined debt that is bigger than our entire GDP. In fact, we are the most indebted families of any country in the G7. The IMF says that Canada is the number one at-risk country for mass mortgage defaults.
Will he reverse his inflationary and high interest rate policies before people go broke?
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- Jun/7/23 3:11:33 p.m.
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Mr. Speaker, has he really sunk to the low of exploiting these fires for political gain to distract from his inflationary and high interest rate policies? Is that what it has come to? Is he so ashamed of his economic policy and record—
Some hon. members: Oh, oh!
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- Jun/7/23 3:12:03 p.m.
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Mr. Speaker, the Prime Minister has just lowered himself to the worst depths. To try to distract from his disastrous economic record, he is now using the forest fires to change the channel. This is even lower than I would have expected from him.
Canadians are going to sit down tonight to discuss how they are going to move into a small apartment because they are going to have to give up their homes after his inflationary policies have driven up interest rates on Canadian mortgage holders, who have record debt.
Will the Prime Minister keep the promise he made six months ago to balance the budget and bring down inflation and interest rates before folks go broke?
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- Jun/7/23 3:15:16 p.m.
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Mr. Speaker, the Prime Minister has caused the mortgage crisis we now face. Back in 2021-22, he flooded the economy with cheap and excessive cash that went into the mortgage system. It bid up the price of housing. House prices had doubled under his leadership and then Canadians were forced to take on massive, and in some cases, million-dollar, mortgages in order to buy a home.
He promised them that rates would be low for long but then his deficits juiced inflation, which pushed up interest rates and now, over the next three years, many of those same families will face 40% increases in their mortgage payments.
How is he going to save their homes now that he put them in peril?
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- Jun/7/23 3:16:41 p.m.
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Mr. Speaker, 2021-22: I will tell us what was happening. I will tell us what he was doing. He was trying to stuff a half-billion dollars into the WE Charity to help a group that had paid off his family.
We know that he gave money to Frank Baylis's company. We know that 40% of all of the deficits he added had nothing to do with COVID, according to the PBO. We know that he added $100 billion of debt before COVID ever happened and now he is adding hundreds of billions more now that COVID is done.
He has got to stop using the COVID excuse and start answering the question. People do not know how they are going to pay their mortgages. That is why I have had to ask 20 times about that question.
Will he finally answer it?
How will they pay their mortgages?
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- Jun/7/23 3:18:02 p.m.
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Mr. Speaker, let me break it down. I have been trying with 20 questions to get him to understand.
Here is the domino effect. His spending causes deficits, which cause inflation, which causes interest rates to go up, which causes defaults. How do we reverse that?
We stop the deficits, which stops the inflation, which stops the interest rates from going up, which stops the defaults.
What part of that does he not understand?
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