44th Parl. 1st Sess.
November 20, 2023 11:00AM
- Nov/20/23 2:21:49 p.m.
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Mr. Speaker, after eight years, this Prime Minister is not worth the cost of mortgages. According to the Parliamentary Budget Officer and the Governor of the Bank of Canada, I am right to say that this Prime Minister's deficits are contributing to inflation and interest rates. According to Scotia Bank, these deficits are increasing interest rates by 2%. That means a $700-increase to monthly mortgage payments.
Before Canadians lose their homes, will the Prime Minister finally accept my common sense plan and announce a date and plan for balancing the budget, reducing inflation and mortgage rates?
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- Nov/20/23 2:22:32 p.m.
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Mr. Speaker, unlike the Conservatives, our government has a plan to help Canadians get through this. For example, we are helping four million Canadians by providing the Canada workers benefit and more than six million Canadians by indexing old age security.
What is the Conservatives' plan? That is right, they do not have one.
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- Nov/20/23 2:23:05 p.m.
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Mr. Speaker, after eight years, the Prime Minister is not worth the cost of mortgage payments, which are already up 150%. The Bank of Canada and the Parliamentary Budget Officer now agree with me that his deficits are driving up interest rates. Scotiabank says that deficits are driving mortgage rates up 2%. That works out to $700 per month. Carpenters and nurses are already living in their cars, and the IMF says that Canada's mortgage holders are the most at risk of crisis.
Will the Prime Minister finally accept my common-sense plan and announce the date and the plan to balance the budget and bring down interest rates on Canadian mortgages so people do not lose their homes?
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- Nov/20/23 2:23:58 p.m.
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Mr. Speaker, let us be clear and accurate. Much of the spending referred to by the Leader of the Opposition was provincial in nature, not federal. In addition, unlike the Conservatives, we actually have a plan to help Canadians, especially vulnerable Canadians. The Deputy Prime Minister will table additional aspects of that plan tomorrow in the fall economic statement.
Let us be clear. We are here for Canadians every single step of the way, unlike the party opposite that votes against every single time.
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- Nov/20/23 2:24:39 p.m.
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Mr. Speaker, the Prime Minister's plan is to increase mortgage payments by 150%, which he has already done. Now, Scotiabank says that government deficits have added two percentage points to interest rates. That works out to $700 a month, or $8,400 a year, in higher mortgage payments linked directly to deficits, including the massive deficits by the government.
A year ago, the government promised a balanced budget. It broke the promise six months later. Will it come back tomorrow with a plan to balance the budget so we can bring down interest rates and inflation so Canadians can keep their homes?
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- Nov/20/23 2:25:28 p.m.
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Mr. Speaker, with respect, we have a plan that is going to build more homes. It is going to restore a level of affordability in the market. Where we are cutting taxes on home builders, he wants to raise them. Where we are funding cities to increase their ambition on home building, he wants to cut.
It is hard to accept criticism from a member of the House of Commons who, when he had the opportunity to be the minister responsible for housing, had access to $300 million and got only 99 homes built.
We are going to build homes, and we are going to build them by the millions.
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- Nov/20/23 2:26:10 p.m.
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Mr. Speaker, when I was housing minister, mortgage payments were less than half of what they are now, and rent was less than half of what it is now. Those are the hard realities, and now the Prime Minister's plan is to quadruple the carbon tax. That would increase the cost of gas, heat, groceries and, yes, even housing, because it takes trucks to ship building materials.
We know that we will have a carbon tax election to decide whether we axe the tax, as I choose, or whether we hike it, as he promises. Can we accept a Canadian compromise and at least freeze the tax in the meantime, yes or no?
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- Nov/20/23 2:26:59 p.m.
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Mr. Speaker, it is interesting to listen to this version of revisionist history of the hon. member's time as the minister responsible for housing. If we actually go back and look at the numbers, we would see that he actually had housing starts of fewer than 200,000 a year.
This morning, we are seeing data that shows we are on pace to build more than 256,000 homes this year. If we want to compare apples to apples, we are going to make a difference. Does the hon. member like apples? We are going to beat his numbers. How does he like those apples?
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- Nov/20/23 2:27:36 p.m.
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Mr. Speaker, the minister should stick to photo ops, because comedy is surely not his thing, and neither are numbers. Everything the Prime Minister has said about the Stellantis subsidy has proven false. It is billions of dollars over budget before shovels are in the ground, and years behind payback, even before the project begins. He claimed that it was going to create jobs for Canadians, but we have now learned that at least 1,500, a majority, of the jobs are going to go to temporary foreign workers.
Will the Prime Minister release the contract now so we can find out how much Canadian taxpayers are going to have to spend to give paycheques to South Korean workers?
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- Nov/20/23 2:28:25 p.m.
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Mr. Speaker, during the COVID-19 pandemic, the Leader of the Opposition opposed spending that was supporting families. Now, during a national housing crisis, he opposes government investments that would actually get more homes built. When we have the opportunity to make generational investments that would gain a toehold in a new industry, he opposes it without vision for what the future economy could be when we create many thousands of jobs.
We are going to continue to invest in the Canadian economy and make sure workers bring home paycheques that would put food on the table for their families.
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- Nov/20/23 2:29:02 p.m.
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Mr. Speaker, tomorrow is the economic update. The finance minister has to understand that fiscal restraint does not mean austerity at the expense of small businesses. More than 220,000 SMEs face bankruptcy if the minister refuses to extend by one year the deadline for the CEBA loan repayment with no loss of the grant portion. The Quebec National Assembly demanded this extension. The Premier of Quebec and the other premiers demanded this extension. Everyone is demanding more flexibility for SMEs from the federal government. It is unanimous.
Will the minister finally give businesses the extension they so desperately need tomorrow?
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- Nov/20/23 2:29:39 p.m.
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Mr. Speaker, small businesses asked for our help. That is why our government extended the deadline for forgiveness to January 18, 2024. We also announced the extension of the deadline for term loan repayment by one year, to the end of 2026. Our government will always be there for small businesses.
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- Nov/20/23 2:30:17 p.m.
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Mr. Speaker, business owners are sick and tired of hearing those lines.
In the economic update, the minister will also have to keep her promise to families who can no longer afford groceries. During the election campaign, the Liberals promised $1 billion over five years to fund school meal programs. Tomorrow, the minister must fulfill this election promise. Fiscal restraint does not mean austerity, and certainly not on the backs of people who are having a hard time feeding their families.
Will the minister keep her promise tomorrow and announce the payment of funds for food aid in schools in Quebec?
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- Nov/20/23 2:30:58 p.m.
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Mr. Speaker, I thank my colleague for his question.
We know that many Canadians are having a hard time putting food on the table. We are working with provinces, territories, municipalities and key stakeholders to develop a national school food policy. We are doing the hard work now, together with our partners, understanding the importance of moving forward together. We will continue this progress.
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- Nov/20/23 2:31:32 p.m.
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Mr. Speaker, people are struggling to pay their rent and buy groceries. In Montreal, people are coming together to help food banks, which are overwhelmed by the demand. Meanwhile, the CEOs of large corporations are lining their pockets. Loblaw alone made $18 billion in profits in one quarter. That is unprecedented. Their greed knows no bounds, and the Liberals are doing nothing to discourage them.
Tomorrow presents a real opportunity to help people. Will the Liberals have the courage to lower the price of food and tackle the greed of CEOs?
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- Nov/20/23 2:32:11 p.m.
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Mr. Speaker, we are currently studying the affordable housing and groceries act. We must continue to support everyone in our country when it comes to groceries—
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- Nov/20/23 2:32:24 p.m.
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I am sorry to interrupt the hon. minister, but apparently there is no interpretation.
Now everything seems to be working again.
I would ask the hon. President of the Treasury Board to begin her answer over again.
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- Nov/20/23 2:32:45 p.m.
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Mr. Speaker, the affordable housing and groceries act is very important for our country. We continue to support the bill being examined. It is crucial in these economic times in our country.
I thank all of my colleagues in the House for supporting this bill. We will continue to be there for Canadians.
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- Nov/20/23 2:33:21 p.m.
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Mr. Speaker, Bill C-56 certainly, I think, after some improvement by New Democrats, would help a bit with the housing crisis but would not solve the housing crisis.
The fall economic statement is an important opportunity to make further progress on both the housing crisis and the affordability crisis. Funds have been depleted for social housing that need to be replenished, and there is further work to do on strengthening competition laws in Canada. Are these initiatives that we are going to see in the fall economic statement, or are Canadians going to be left waiting again?
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- Nov/20/23 2:34:01 p.m.
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Mr. Speaker, the hon. member knows that he and I will both wait for tomorrow to see the details of the fall economic statement.
However, I want to signal my intent to continue to the pattern of investment in affordable housing in particular that is going to make sure that everyone in this country has a safe and affordable place to call home. Over the 30 years that preceded our time in government, governments of different stripes chose not to make the necessary investments to ensure that we had sufficient, affordable housing stock. We are going to continue to make the investments that are necessary in affordable housing to restore something to the ecosystem, and that is a level of affordability that we desperately need.
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