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House Hansard - 212

44th Parl. 1st Sess.
June 13, 2023 10:00AM
Context: House Hansard - 212 - Jun/13/23
Mr. Rob Morrison (Kootenay—Columbia, CPC)
  • Jun/13/23 2:13:18 p.m.
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Mr. Speaker, inflationary spending is driving up the cost of living. Food, housing and fuel are all hitting record highs. Canadians are stretched thin. According to the International Monetary Fund, Canada has the highest risk of mortgage defaults because of the high levels of household debt compared to similar economies. This government said that interest rates would be low for a long time and debt had no consequences. Now, in a span of a year, interest rates have gone up by 4.5%. Canadians who believed this government and took on a large mortgage to afford the inflated price of homes now do not know how they are going to pay the bills. Canadians are already experiencing $600 increases in mortgage payments. According to the Bank of Canada, over the next three years, a large share of Canadian households will see their payments go up by 40%. It is time to restore stability, restore hope and bring the back common sense of the common people.
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