44th Parl. 1st Sess.
October 17, 2023 10:00AM
- Oct/17/23 12:13:15 p.m.
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Madam Speaker,
Everywhere I go, people come up to me and say, you know, we're losing faith in the Liberal Party... I've had people tell me they can't afford to buy groceries. They can't afford to heat their homes, and that's hard to hear from, especially seniors who live alone and tell me that they go around their house in the spring and winter time with a blanket wrapped around them 'cause they can't afford the home heating fuel and they can't afford to buy beef or chicken.
It is heart-wrenching when you hear someone say that you.
This is a quote from the lone Liberal member who was brave enough to vote for his constituents instead of this high-inflationary Prime Minister.
These are the same sentiments I hear day after day as I tour the country hearing from seniors. Last week, I had the opportunity to spend time with a group of seniors from the Northumberland—Peterborough South area. Their concerns mirror the same concerns as our friends from the Atlantic coast.
I will be sharing my time with one of my favourite MPs, the member for Calgary Forest Lawn.
After eight years of the Liberal government, the Prime Minister has added more to the national debt than all previous prime ministers combined. A half a trillion dollars of inflationary deficits has directly led to a 40-year inflation high.
Prior to budget 2023, the Minister of Finance said, “What Canadians want right now is for inflation to come down and for interest rates to fall. And that is one of our primary goals in this year’s budget: not pour fuel on the fire of inflation.” Then she proceeded to usher in $60 billion of new spending.
In order to combat inflation, the Bank of Canada has been forced to increase interest rates 10 times in just 19 months. These rate increases have increased mortgage payments. Since the Prime Minister took office, monthly mortgage payments have increased 150% and now cost $3,500 on a typical family home.
I want my colleagues in this place to think about a few statistics I found on the nesto mortgage company website. In Toronto, as of 2021, the average house price was just over $1 million. The down payment required to purchase a home was just in excess of $232,000. It would take an average person 42.2 years to save for the down payment. To make a comparison, it took roughly 4.2 years to save up for the minimum down payment on a home in Toronto 10 years ago when our country enjoyed a Conservative government. In Vancouver, there is a similar situation. The average cost of a home is just in excess of $1.2 million with a minimum down payment of $242,000. The time to save for a down payment in Vancouver is 44.3 years. Just 10 years ago, it took an average of only 5.2 years to afford the minimum down payment for a home in Vancouver.
On June 5, CTV News Toronto reported that the National Bank of Canada released its housing affordability report, indicating that it will take Torontonians about 25 years to save for a down payment on a house and the qualifying income level to purchase a property is in excess of $236,000. Does the average Canadian earn $236,000? I do not think so.
If this does not make it clear, this Prime Minister just is not worth the cost.
Let us think about it. According to TransUnion, the average credit card balance for Canadians in the second quarter of 2023 was $4,185, which is up from $3,909 in the second quarter. That is up from average monthly credit card spending of almost $2,447 in the third quarter of 2022, which is up 17.3% from the same time in 2021, and up 21.8% from 2019.
From another report, Canadian consumer debt has risen to $2.4 trillion, with an average debt load of approximately $21,131, excluding mortgage payments. Canadians are using credit cards more as there was a 9% increase in credit card balances in June 2023 compared to the same time last year.
These trends are a repeat of the past. Let us reflect on the 1980s when the lending rate for a five-year fixed mortgage was 22.75%. This caused homeowners with mortgages to struggle with high interest payments, resulting in foreclosures.
Let us do some comparisons. In 1981, the average price of a home was $110,000. At an interest rate of 22.75%, the monthly payment was just under $2,000. Today, the average price of a home in Toronto is $1.2 million. At an interest rate of 7%, the mortgage payment is $6,724. What was the similarity during these two periods? Can anyone guess? Both prime ministers shared the same last name.
In my previous life as a bank manager and mortgage specialist, I witnessed the hardship of many Canadians, friends and neighbours who lost their homes to the inflationary, out-of-control spending by the Trudeau Liberal government.
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- Oct/17/23 12:21:19 p.m.
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Madam Speaker, I am speaking about Pierre Elliott Trudeau. I apologize.
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- Oct/17/23 12:21:32 p.m.
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Thank you very much, Madam Speaker.
History continues to repeat itself today as we see the Liberal-NDP government force the Bank of Canada to raise interest rates due to their out-of-control spending habits. This Liberal Prime Minister is just not worth the cost.
The Liberal-NDP government must exercise fiscal discipline over its inflation-driving deficits, so that interest rates can be lowered in order to avoid a mortgage default crisis as warned by the International Monetary Fund and to ensure Canadians do not lose their homes. The government must introduce a fiscal plan that includes a pathway to balanced budgets in order to decrease inflation and interest rates. Alternatively, it needs to get out of the way, so that Conservatives and our Conservative leader can fix what the Liberals have broken and bring hope back to Canadians.
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- Oct/17/23 12:23:21 p.m.
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Madam Speaker, it is an easy response. Let us get rid of the carbon tax. The Liberal member for Avalon stated that his constituents in Newfoundland cannot afford to heat their homes or feed their families. Let us get rid of the carbon tax. Let us give those Atlantic provinces the opportunity to live.
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- Oct/17/23 12:24:46 p.m.
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Madam Speaker, our Conservative Party has a plan and that plan is to use the technology in this country to ensure that we are green. One of the things that we have to look at is the windmills. Does anyone here know that it takes 176,000 gallons of oil to service the windmills in this country?
If we stopped oil production, who is going to service those windmills? We need to make sure that the carbon tax is kept under control, because with the carbon tax, people cannot afford their homes. They cannot afford to feed their families. They cannot afford to go to the grocery stores. They cannot afford the gas in their car to drive to work. That is going to hurt the economy.
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- Oct/17/23 12:26:07 p.m.
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Madam Speaker, we have seen these Liberals contract work outside of our government bureaucrats. They are the ones that spend money on consultants. That is greed. We have Conservative plans to ensure that the out-of-control spending is within the budget. They do not know how to balance a budget. Conservatives do.
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- Oct/17/23 12:27:10 p.m.
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Madam Speaker, it saddens me to say that, yes, I did speak to several constituents during the past riding week. I was saddened to hear of seniors who are in their mid-to-late 70s having to go back to work just to make ends meet. They cannot afford this additional carbon tax. They cannot afford to pay their utility bills. They cannot afford to buy groceries. They cannot afford to do the things they once enjoyed. Now, with this additional tax and the burden that this government has placed on our Canadian population, when does it end?
I will tell us when it ends, when our leader and the Conservative Party form government.
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