44th Parl. 1st Sess.
June 12, 2023 11:00AM
- Jun/12/23 2:11:28 p.m.
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Mr. Speaker, under the government, Canadian families are in more debt than any other country in the G7. Last week, with the passage of budget 2023, the costly coalition poured another 60 billion dollars' worth of fuel onto the inflationary fire, sparking another interest rate hike from the Bank of Canada. Families with variable-rate mortgages, those who the Prime Minister encouraged to borrow, promising rates would be low for a long time, are seeing their monthly payments going up again. Even before last week's hike, rate increases had already added $1,000 a month to the average $500,000 mortgage. In my province of B.C., the average cost of a home is $995,000. We can think about how this rate hike will impact British Columbians.
Thanks to the government, families are worried about how they are going to pay for their groceries, day care, summer camps and everything else. Conservatives would put a stop to deficit spending, get inflation under control, create powerful paycheques and get homes built that Canadians can afford. For their home, my home, our home, Conservatives are going to bring it home.
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- Jun/12/23 2:22:32 p.m.
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Mr. Speaker, the question was about the doubling of housing costs. The Prime Minister has brought in half a trillion dollars of inflationary spending, which has doubled rent costs, mortgage payments and the down payment needed for the average house, and now the IMF says that Canada is the country most at risk of a massive mortgage default as our households have the most debt as a share of GDP of any country in the G7. That debt is about to collide with soaring interest rates, driven by the government's deficits.
Will they eliminate the deficits and balance the budgets to bring down inflation and interest rates before Canadians lose their homes?
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- Jun/12/23 2:27:57 p.m.
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Mr. Speaker, interest rates have shot up so quickly that families are struggling to pay their mortgages. We can give an example of someone in Toronto. An average family that bought an average home a year and a half ago would have to find over an additional $27,000 by the end of this year. That is a shocking amount.
What advice would the Prime Minister give to these families that are struggling with the cost of a mortgage for how they can come up with this additional amount of money?
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- Jun/12/23 2:29:10 p.m.
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Mr. Speaker, none of that helps a family that is struggling with the cost of a mortgage right now.
Here is a similar example. In Montreal, a family has to come up with an additional $13,000 a year. That is crazy. Families are already struggling to make ends meet.
What advice does this government have for these families when it comes to paying their bills and their mortgage?
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- Jun/12/23 2:43:29 p.m.
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Mr. Speaker, almost half of Canadians say that they are having a difficult time now managing their mortgage payments. More and more Canadians are taking on credit card debt just to pay for basic necessities, such as groceries.
Will the Liberals work with us to draft a new budget that will stop the deficits and inflation, stop rates from going up and stop the mortgage default? Will the Liberals cancel their vacation, work with us and help Canadians to save their homes?
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