44th Parl. 1st Sess.
May 1, 2024 02:00PM
- May/1/24 2:58:17 p.m.
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Mr. Speaker, two years ago, after having doubled the rent, doubled mortgage payments and doubled the needed down payment for a home, the Prime Minister promised, in his budget, that he would double home building. Here we are, two years later, and homebuilding is down 8%. His housing agency says that it will be down next year and the year after that. If it cost him $89 billion in programs to bring homebuilding down, how much would he have to spend to bring it up?
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- May/1/24 2:58:55 p.m.
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Mr. Speaker, the housing plan is focused on fairness for every generation. We, over the coming years, will be unlocking 3.8 million new homes by cutting red tape, by rezoning, by lowering the costs of homebuilding and by using public lands and vacant office buildings to build affordable housing for Canadians.
We will be reviving the dream of home ownership for young Canadians by making it easier to save up, tax-free, for a down payment and by giving renters credit for their monthly rent payments toward the ability to get a mortgage. We have put forward the most comprehensive and ambitious housing plan this country has ever seen.
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- May/1/24 3:00:54 p.m.
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Mr. Speaker, that is what the Prime Minister has been saying for nine years, and the results have been doubled rents, doubled mortgage payments and doubled down payments. Just this week, a survey showed that 72% of Canadians who do not own a home believe they never will.
Canada was not like this before the current Prime Minister, and surely, it will not be like this after he is gone. Can the Prime Minister comment on what it is like to be the only prime minister in history to deprive an entire generation of home ownership?
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- May/1/24 3:06:24 p.m.
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Mr. Speaker, the Prime Minister has already doubled the national debt by adding more debt than all the other prime ministers in our history combined, and all with the support of the Bloc Québécois, which, by the way, voted for a $500-billion budget. The Bloc Québécois leader has never voted against a single budget proposed by this Prime Minister.
Today, we learned that the Prime Minister will continue to increase the debt by another $300 billion, with the approval of the House of Commons. How much will that raise mortgage interest rates?
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- May/1/24 3:12:17 p.m.
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Mr. Speaker, the Prime Minister is not worth the cost of debt interest. He doubled our national debt, adding more debt than all previous prime ministers combined. Now, we learn in his new budget bill that he is going to seek another $300 billion of debt, money that he would borrow out of the economy. That is equal to over 10% of our GDP, which would surely put upward pressure on interest rates. How much would all this government binge borrowing add to the mortgage payment of the average family?
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- May/1/24 3:13:39 p.m.
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Mr. Speaker, we actually have the highest mortgage debt of any country in the G7, and by far. It is higher, as a share of our economy, than the Americans had during the mortgage meltdown. Now, interest rates are higher and families risk losing their homes. Government deficits push inflation and interest rates higher, and that makes the problem worse. Therefore, once again, how much would $300 billion of yet more debt add in mortgage payments for the average Canadian family? How much?
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- May/1/24 3:14:20 p.m.
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Mr. Speaker, the Leader of the Opposition is mixing different factors that are facing Canadians. Mortgages are high for Canadian families, and therefore the Canadian government is choosing to invest in measures that are going to support Canadian families. I talked to a family from Burlington who actually saw their mortgage payments go up because of the rise in global interest rates, while at the same time their child care fees were cut by larger amounts because of investments this government made. We are going to continue to be there for Canadians while the Conservative leader wants cuts.
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Madam Speaker, we are talking about budget 2024. The Liberal government claims that its ongoing investments are making life more affordable for Canadians and improving access to housing. That claim is straight out of the budget report. I was very surprised to hear that, because what I have heard from people in my home community, as well as from Canadians right across the country, is exactly the opposite: that the government's mismanagement of the economy is leading to making life less affordable for Canadians.
Think of the two million people who now regularly go to food banks. Food banks are even turning away people because there is so much demand. Those people do not think that life is becoming easier or more affordable.
How about improving access to housing? Housing is now twice as expensive as it was when the Liberal government first took office.
Munir is from my community. Together with his brother and his parents, they bought a house two years ago. With a low interest rate, their mortgage payments were $4,000 a month. Just last month, they had to renew their mortgage for $8,200 a month. They do not think that life is becoming more affordable.
Common-sense Conservatives have three demands to fix the budget and bring Canadians the relief that they desperately need. First, we say to axe the carbon tax on farmers and food by immediately passing Bill C-234 in its original and unamended form. Second, we need to build homes, not bureaucracy, by requiring cities to permit 15% more homebuilding each year as a condition of receiving federal infrastructure dollars. Third, we are demanding a cap on spending with a dollar-for-dollar rule to bring down interest rates and inflation.
The Liberals chose not to take our advice on that. Therefore, we cannot support this budget. There will be a non-confidence vote coming up, and we will vote non-confidence because we do not have confidence in the government.
We want an election. We are ready for it.
An hon. member: Canadians want an election.
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- May/1/24 5:39:17 p.m.
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Madam Speaker, the best support the government can give to Canadians is to make life more affordable again, bring interest rates down, bring inflation down. Munir and his family should not be paying $8,200 a month for their mortgage; $4,000 should be enough.
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