SummarySpren for "Competition"
- • The Canadian housing market is in the worst crisis in history, with rent and mortgages having doubled in the past eight years, and the amount needed for a down payment having doubled.
• The approval of the RBC-HSBC merger will lead to higher prices, less service, lower wages, greater wealth inequality, and lower productivity and innovation, and will further concentrate the banking industry in the hands of a few, hurting consumers and creating monopolies.
- • Mr. Chandra Arya agrees with the member's concerns about monopolies and oligopolies in Canada, specifically in the banking and telecom sectors.
• He highlights the high costs of banking and cellphone data charges, emphasizing that access to the internet is no longer a luxury but a necessity.
- • Mr. Ryan Williams (Conservative-Federal) hopes to increase competitors and stop mergers to address the issue.
• He highlights three specific mergers that could have been stopped: RBC and HSBC, Rogers and Shaw, and WestJet and Sunwing.