- Member of Parliament
- Member of Parliament
- Conservative
- Calgary Forest Lawn
- Alberta
- Voting Attendance: 65%
- Expenses Last Quarter: $131,041.76
- Government Page
Madam Speaker, before I get started I would like to say that I am splitting my time with the hon. member from the soup-and-salad bowl of Canada, Mr. Lake Simcoe himself, the hon. member for York—Simcoe.
Thomas Jefferson reportedly said that democracy would cease to exist when you took away from those who were willing and able to work and gave to those who were not.
Speaking from my own experience, coming as an immigrant to this country, my family, like many, came here looking for that Canadian dream that so many are coming to Canada for still. However, after eight years of the Liberal-NDP government, we know it is not worth the cost. We see now, more than ever, that it is harder, whether for a Canadian or for a newcomer, to survive in this country. It is so much so that more than 400,000 people left Canada just last year. That is not a good sign for any country to think that it can prosper when 400,000-plus people are leaving. I look at the reasons that people are leaving or wanting to leave, and the number one cause is the cost of living. Number two is that their credentials are not being recognized. Both are issues that Conservatives have plans for.
I do not believe that anyone moves to this country thinking that their government will work against them, but when they get here they are proven wrong, time and time again, by the Liberal-NDP government. Their paycheques are attacked; their civil liberties are attacked; their freedom is attacked, and their freedom of speech is attacked over and over again by the Liberal-NDP government. It makes them rethink why they came to this country in the first place.
This is because everything does feel like it is broken here. People are getting taxed more. Their paycheques do not go as far as they used to. They are working harder. They are working so much that many people I have talked to are working two or three jobs. If I talk to anyone in any riding, one thing I am seeing as being more and more of a trend is that more people are picking up Uber jobs or Uber Eats jobs or Skip the Dishes jobs on top of the jobs they are already working. I remember, when growing up, that people would pick up taxi jobs or a job on the side just to make extra money above and beyond whatever their savings were. However, it is sad to see that after eight years of the current Liberal-NDP government, that is a must now, even to pay for the basic necessities just to live here in Canada.
The inflation that was caused by all the spending by the Liberal-NDP government, which continues to spend, made interest rates go up in the last 19 months at the most rapid pace seen in the last 20 years. In fact, the intensity of those rate changes is actually the highest in Canadian history. Because the government spent and wasted so much money, the Governor of the Bank of Canada had to tackle that inflation by raising interest rates.
The government's own housing department officials say that they have no faith in the current government to build the homes that are needed today. In fact, CMHC said in a recent study that homebuilding was actually down 7%. When we look at some of the factors, we see that builders are not building and buyers are not buying, because of those high interest rates. They went up once again, because of the overspending of the Liberal-NDP government.
When we look at Bill C-59, we see that the only thing the government has included with respect to housing is that it changed the housing department's name and increased the funding for more photo ops. There is no concrete action that would be taken to help with housing affordability. After eight years, we have seen rents double and mortgages double, and even the down payment needed for a house has doubled in just eight years.
Canadians pay today over one-third of their income in taxes, and the rest goes to housing, with little or nothing left for groceries, gas and home heating. This is very concerning. People are making their shelter payments, but all the other payments are starting to go more and more onto Canadians' credit cards. Utilities and groceries are going up. Even though people are paying more for groceries, they are getting a lot less in groceries than they used to.
This is because of high taxes, like the carbon tax that made the cost of gas, groceries and home heating go up, which the Liberals plan on quadrupling this year. The household debt in Canada, in totality, is more than the Canadian economy. This is not a good sign for a country where we want people to come and be successful and prosper. We are missing out on a lot of talent that could come here, with new energy and new investment, because Canada is not affordable anymore. It is not a place where people can come and be successful.
Canadians have record credit card debt, and over half are only $200 or less away from going bankrupt. The fact is that more and more people are putting more onto their credit cards. We are hearing horrific stories where students are living under bridges. Working people are living in their cars because they cannot afford housing. Mothers are putting water in their children's milk and parents have to choose less nutritious food because they cannot afford groceries. We are hearing about seniors who are having to wear blankets inside their houses because they cannot afford heat them and have to turn down their heat. That is how they have to get by because of this punitive carbon tax the government continues to raise.
Bankruptcy and insolvency are up. All the increases for small businesses are crippling owners, who are the backbone of our country. The IMF also warns, because of the interest rate hikes, that Canada is most at risk in the G7 for a mortgage default crisis. More than 70,000 mortgages a month are now being renewed, sometimes at double the rate. That could mean anything from a $400 increase to a $1,200 increase. This is not sustainable. With the recent inflation numbers, where inflation is above the target rate, the Governor of the Bank of Canada has been clear that there is a fear of these rates staying higher for longer, which means the pain will be higher for longer. There is no hope in sight. There is no light at the end of this inflationary crisis tunnel we see right now.
When we look at the economy today, after eight years we are in a worse position than we have ever been before. In fact, Canada's economy has contracted, whereas our U.S. partner's has grown. This is because of the bad restrictive policies of the Liberal-NDP government, which have stifled any type of economic growth in our country, let alone productivity or any type of investment that should be made in Canada. Canada is a lot less competitive because of its tax regime, which has held back the country.
The GDP per person is a determining factor for how successful each person is in Canada, and it has been declining since September 2022. Canada is last in the OECD for GDP per capita. GDP per capita today is lower than it was in the last half of 2018, which means five years of the wealth of Canadians has been completely wiped out.
Taxes are high. The tax code is too complicated. Taxes have been taken from working Canadians and their families for Liberals to give to their insider friends, consultants, bankers, bondholders, Liberal Bay Street buddies, bureaucrats and woke multinational corporations to advance the Liberal virtue signalling and its unjust job-killing transition.
Canadians are being forced to go to food banks more than ever because of the productivity gap and more taxes. While the Liberal-NDP government thinks the government is the solution, we believe people are the solution, and we need to give them the freedom to spend and to earn the way they want to, not restrict them.
Once we have a strong Conservative government under our Conservative leader, we are going to bring home those powerful paycheques again and an economy that is strong like it once was before, where the GDP per capita works for more and more people and where powerful paycheques will become a reality, because what people earn, they will be able to keep more of it in their pockets. We are going to keep it simple by doing four things to bring it home. We are going to axe the tax, we are going to build the homes, we are going to fix the budget and we are going to stop the crime.
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- Oct/24/23 2:34:28 p.m.
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Mr. Speaker, after eight years of Liberal-NDP incompetence, the national debt has doubled, resulting in the most rapid mortgage interest rate hikes in Canadian history and putting Canadians most at risk in the G7 for a mortgage default crisis. Around 70,000 mortgages are renewing every month with, at a minimum, a doubling in interest rate. Expensive photo ops, such as a $4-billion housing photo op that built a whopping zero homes, do not help either. The member for Vancouver Granville probably flipped more homes than that.
The Prime Minister is not worth the cost. Will he stop his inflationary deficits and balance a budget so Canadians do not lose their homes?
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- Oct/17/23 12:28:14 p.m.
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Madam Speaker, I want to start by congratulating my good friend, the passionate member for King—Vaughan for her incredible speech. She is a great advocate for her community,
Canadians are going through housing hell right now. Nine out of 10 young people say they have lost the dream of home ownership. Newcomers will not be able to achieve home ownership. The IMF is now saying that Canada is the most at risk in the G7 for a mortgage default crisis. There is a major housing crisis in this country, which we need to take seriously before people start losing their homes.
We need to understand how we got here in the first place. The Liberal-NDP government spent more money than all governments before it combined. Let me put this into context. Between 2015 and 2023, the Liberal-NDP government spent more money than every single government did from 1867 to 2015, combined. That has led to 40-year highs in inflation, which has led to the most rapid mortgage interest rate hikes we have seen in the last three decades.
The Bank of Canada had to counter with something, and it did so with the interest rate hikes. That was done in reaction to something, and that something was the government deficit. It is not just Conservatives who admit that government deficits fuelled inflation, making interest rates go up. Random Liberals and others have said the same thing.
I will point to the three Ms: Manley, Macklem and Morneau. They have all admitted that government spending fuels inflation. Mark Carney, who could possibly be the next Liberal leader, also said that inflation was due to domestic pressures. It was nothing to do with outside pressures, as the Liberals and NDP try to make everyone believe. They say that it is always someone else's problem and never theirs. Even someone who could become a Liberal leader admits that the inflation we see today is due to domestic pressures.
Even the current finance minister has admitted this. Though she does not believe in it, she still admitted that government deficits do fuel inflation. It is too bad that, after she said she wanted to be careful to not fuel the inflationary fire, she dumped a $63-billion jerry can of fuel on that inflationary fire. What ended up happening? Inflation went up and so did mortgage interest rates. Once again, this is why Canada is now the most at-risk country in the G7 for a mortgage default crisis.
The Liberal-NDP government shows its incompetence over and over again. These are the geniuses who ended up spending $89 billion, almost $90 billion, on housing only to have housing costs double in this country. Mortgages have doubled. Rents have doubled. Let us look into that a bit deeper.
Why have mortgages doubled in this country? As I identified, it was a domino effect. All the money printing the government did was bounced off by bonds. What ended up happening? We flooded the market in doing that, and there was too much money chasing too few goods, which is literally the definition of inflation.
When inflation went up due to all the government deficits, the Bank of Canada had to do the opposite of what the government is doing. Former Liberal finance minister, John Manley, put it perfectly. He said that today's situation is much like the Liberal-NDP government deficit. It is like it is pressing the gas, the inflationary gas, while the Bank of Canada is slamming on the breaks as hard as it can with its interest rate hikes. Both things are happening at one time. They are working in opposite directions and the engine is going to blow.
Who will be left paying for this mess? Canadian taxpayers will be. There is only one party in the House that cares about taxpayers' money and wants to make sure that Canadians do not lose their homes. That is why our leader, the next prime minister of Canada, the hon. member for Carleton, put this motion forward. It is because we are more worried than ever that Canadians may lose their homes because of the out-of-control deficit spending of the Liberal-NDP government.
Housing costs have gone up. They have doubled in this country after the Liberals spent $89 billion on housing. How does that even happen in a country like Canada?
This is the reality of the failed policies of the Liberal government. I met a single mom in Calgary recently, a single mom with three kids. Her rent went up by $600 a month. She was already struggling to feed her kids and keep a roof over their heads. She was literally in the stat of being the one in five who are skipping meals today. She told me her heartbreaking story of, because of the cost of her rent going up due to these deficits, having to move back in with her abusive ex-husband.
This is the reality of Canadians today. The Liberal-NDP government's failed policies have put Canadians in these types of positions. We can only imagine how many more of these stories we will hear as we travel the country. It is a sad state in Canada today. It should not be. However, after eight years of the Liberal-NDP government, it is definitely not worth this cost.
We are talking to industry stakeholders and everyday Canadians. We are hearing that people cannot get into housing because of supply. We are also talking to the people who actually build the homes. The number one issue today is interest rates, which were fuelled by the government's deficits. Builders will be sitting on land, and they will not be able to build. In some cases it does not make sense, with all the bureaucracy and with all the red tape created by the government. Along with a willingness to let municipalities create more and more bureaucracy, it is getting harder and harder to build, let alone how much housing costs have gone up for the builders. In some cases it does not make sense to build.
That is why we need to see a balanced, fiscally responsible plan for back-to-balance budgets. I hope the Prime Minister finally understands that budgets do not balance themselves.
An hon. member: Don't hold your breath.
Mr. Jasraj Singh Hallan: Madam Speaker, my colleague says, “Don't hold your breath”, and I will not.
Let us put this back into the context of why we brought forward this motion in the first place. It is because of a looming crisis that could take place in this country if the Liberal-NDP government does not bring back balanced budgets. I want to remind Canadians, once again, that it was the finance minister, back in November, who told Canadians, and promised Canadians in writing, that she would bring in balanced budgets in 2027-28.
I will take a step back to before that. It was the same finance minister who told Canadians to go out and borrow as much as they want, that interest rates would be low for a very long time. People started getting mortgages. We saw a big boom in people wanting housing. What those borrowers did not expect, after she said that, was that she would dump hundreds of billions of dollars of fuel on the inflationary fire, which made their interest rates go up. Now there is a looming crisis.
In November of last year, the finance minister promised to bring in balanced budgets. We had a hope that maybe the Liberal-NDP government had seen the light. However, once again, it was only months after that when she said that she was just kidding, that she was never going to balance budgets anyway, and then promised to balance the budget in the year never. Canadians lost all hope.
What we need to do today, under our common sense leader, is bring in a common sense plan to balance the budget, to bring down the inflation and to make sure that Canadians do not lose their homes. When the member for Carleton becomes the next prime minister of this country, we are going to bring home more homes, which people could actually afford; bring down costs; bring home lower prices by axing the failed carbon tax, which is inflationary and making the cost of everything go up; make sure that once we bring down the inflation by controlling deficits, people will not lose their homes.
We are going to bring it home for Canadians.
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- Oct/3/23 3:39:48 p.m.
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Mr. Speaker, the rating she brags about came at the high cost of one in five Canadians skipping meals and seven million Canadians visiting a food bank in a single month. She is completely out of touch, but she is in line with her incompetent government's legacy. The finance minister was doing victory laps two months ago, saying that she stopped inflation. It went up 43% since then. What did she think was going to happen when she added $1.2 billion of debt in the first quarter of this fiscal year alone?
Will the Prime Minister rein in his inflationary spending, or does he think that this too is not one of his responsibilities?
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- Oct/3/23 3:38:29 p.m.
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Mr. Speaker, Canadians should not have believed the finance minister when she said to borrow as much as one wants and that interest rates will be low for a very long time.
She turned around and threw hundreds of billions of dollars of fuel onto the inflationary fire, giving Canadians the worst inflation in 40 years and the most rapid interest rate hikes, which we have not seen in the last 30 years. Anyone who took on a mortgage five years ago at 2% will now have to renew at 6% or 7%. That is an increase of more than 200%.
Will the Prime Minister rein in his inflationary deficits so interest rates come down, or does he want people to start losing their homes?
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Madam Speaker, the problem is with the party that keeps supporting this inept, corrupt government and always props it up and makes things more expensive.
As the member likes to talk about socialism all the time, I would like to read him a quote from Margaret Thatcher, who said, “either you believe in capitalism, or you believe in socialism. Capitalism, as we know, creates wealth. Socialism, as we also know, creates poverty.” The clear example is today in Canada, when one in five Canadians is skipping meals and 1.5 million Canadians are visiting a food bank because of failed NDP-Liberal policies. When the two parties get together, they are doing nothing but causing more and more pain to Canadians and sending more of them to food banks.
We are going to turn these failed policies around when our leader becomes the Prime Minister of Canada.
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Before I move on, Madam Speaker, I will be splitting my time with a great man, who we call the great boss from the great riding of Beauce.
When my family moved to Canada, there used to be a pretty good deal between Canada and its citizens. Today, after eight years of the Prime Minister and the Liberal-NDP government, that deal feels broken and so does Canada. One in five newcomers to our great country want to pack up and leave.
The number one reason for that is the high cost of living that has been caused by the Liberal-NDP government. It borrowed and spent more money than every single government before it combined. It made interest rates go up and that made the cost-of-living crisis even worse. The government is the architect of this inflationary fire, and the budget has thrown a $69.7-billion jerry can on top of the inflationary fire, which has made things even worse for Canadians.
My family moved here when I was young because we wanted to live the “Canadian dream”. My parents wanted us to have a safer future and a better education. They wanted us to be raised in a country where we could feel safe and where we could raise kids to feel the same way. However, after eight years of the Liberal-NDP government, that Canadian dream is nothing but a nightmare and a broken dream today.
Newcomers should want to flock to Canada, but Canada is not seen as a country where people can survive. It is not seen as a country that is even open for business. When we look at the budget, productivity is not going to grow because the government has done nothing to help support businesses and create an environment that would have more investment coming to it.
In fact, the number one complaint that we hear is that the regulatory burdens and the economic uncertainty that the government has created does not let good investment and good jobs come to Canada. The government would rather stand under its make-believe ideology on things like the job-killing carbon tax, which is driving people away. It is driving costs up. It is making everything more expensive, and Canadians are suffering for that.
Canada is one of the last destinations people want to come to today. That is clear when we hear that one out of five newcomers want to pack up and leave.
We can look at some of the disastrous policies that have caused so much pain on Canadians today.
Let us look at housing. When we moved to Canada, it was reasonable to find a house. Someone could get a job and put in the hard work. That was the deal Canada used to have. If people worked hard, they would see the fruits of their labour. That deal is broken today. Nine out of 10 young people say that affording a home is just a pipe dream now because of the rising cost of living.
Who can save for a down payment? Down payments have doubled. People have to spend double just to for a down payment on a house now. Rents and mortgages have doubled under the Prime Minister, after eight years of failed housing policies. It is impossible for young people to move out of their parents' basements today because of eight years of failed housing policies.
How does a government spend $89 billion on housing and the outcome is that rents and mortgages have doubled, and nine out of 10 young people say they will never be able to afford a home? How does a government spend so much to accomplish so little? It is on par for that government. It shows its incompetence every day. It does not stand with the common person. It does not want to make the lives of people easier. If it did, it would not have jacked up the cost of the failed carbon tax. It has accomplished so little on that as well.
We finally have an environment minister who admitted that the government misled Canadians all along about the failed carbon tax scam. For years, the government said that it was going to make the lives of people better. For years, it said that Canadians would get more back from this carbon tax scam in so-called carbon pricing rebates than what they would pay into it. We now have the Liberal environment minister admitting that this was misleading all along.
We requested a report from the PBO report and that report confirmed that more Canadians would pay more out of pocket in this scam than what they would get back in these phoney rebates. It is time for the Liberal-NDP government to stop causing Canadians, farmers and producers pain. It needs to scrap this scam, axe the carbon tax and let Canadians survive.
If we look at the price of groceries today, we see how the carbon tax has impacted how expensive they are getting. The government has done nothing to help with the inflation it has caused. It not only has caused this inflation, but it keeps adding more fuel to the fire, and the carbon tax is a clear example of that when we look at the price of groceries.
When me and my family, and many other newcomers, came to this country, we could not have imagined that in a single month 1.5 million Canadians would be visiting a food bank, a third of whom are children. One-in-five Canadians are skipping meals. One-in-five Canadians are saying that they are completely out of money. This is not the Canada that me and my family envisioned when we moved here.
However, hope is on the horizon. We have a new Conservative leader who will turn this hurt that the Liberal-NDP government caused Canadians into hope. We are going to do many things, the first of which is to get rid of the Liberal-NDP government. We are going to ensure that we bring home powerful Canadian paycheques. We are going to bring home lower prices for Canadians. We are going to get rid of this job-killing, failed carbon tax scam. Most important, we are going to bring in more homes that our young people and many others can afford. We are going to get the gatekeepers out of the way. We are going to ensure that Canadians keep more of their hard-earned paycheques in their pockets so they can make their own decisions and bring back the freedom our country so much deserves.
The Conservatives will restore safety to our streets, so people do not feel they are going to be attacked randomly. We keep seeing violent crime on the increase after eight years of the government. We need to bring home common-sense solutions for the common people. We need to return Canada to a place where we have elected officials who work for the people, who understand their pain and do not cause more pain. That is exactly what the Conservatives will do when our new Conservative leader, the member for Carleton, becomes the Prime Minister of Canada. We will return Canada to being the freest nation in the world.
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- Mar/27/23 2:33:54 p.m.
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Mr. Speaker, after eight years of the Prime Minister's high taxes and higher government spending, 50% of insolvencies and bankruptcies are on the backs of our millennials, despite them only taking up a quarter of the population. They are borrowing into record deficits just to get by. The dream of home ownership is dead for nine out of 10 young people, who will never get into a home thanks to the Liberals. They will make it even harder when they jack up their failed carbon tax on April 1.
Will the Prime Minister today commit to no new taxes in tomorrow's budget so Canadians can get into housing?
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- Mar/7/23 3:01:45 p.m.
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Mr. Speaker, the Liberals have the back pockets of Canadians, and we would never vote for policies that would make housing double. After eight years of their failures, rents and mortgages have doubled since 2015.
Random Liberal Bill Morneau said that the government overspent. That made the Bank of Canada jack up its rates to counter that. Now the CIBC is saying that 20% of its mortgages are at a point where monthly payments do not even cover interest anymore.
Therefore, will the most expensive housing minister in Canada's history stop patting himself on the back for a job well failed and admit that he broke housing in our country?
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- Mar/6/23 2:53:47 p.m.
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Mr. Speaker, we will always vote against failed Liberal policies that double home costs across this country. After eight years of the Liberals' failed policies, rents, mortgages and home prices have doubled, and home ownership is nothing but a dream for newcomers.
Not everyone has a trust fund, such as the Prime Minister does, or can absorb all the tax hikes the Liberals keep causing for newcomers and Canadians alike. Will the Liberals finally take some responsibility, admit that they have caused this housing crisis and get out of the way so we can show them how to fix it?
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- Mar/6/23 2:52:40 p.m.
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Mr. Speaker, after eight years of this Liberal Prime Minister's failures, home is where the broken heart is.
Housing has become more unaffordable, unattainable and more broken than ever before. The Governor of the Bank of Canada admitted that it was the Liberals' overspending that caused eight consecutive bank interest rate hikes in one year, and now homes are more unaffordable than ever before. After eight years of the Liberals' failures, mortgage costs do not even cover interest payments.
Will the Prime Minister take some responsibility for breaking housing and stop gatekeeping so we can fix everything he broke?
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- Feb/14/23 10:27:33 a.m.
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Madam Speaker, we will always vote against inflationary measures that will only hurt Canadians further. None of those measures have been working. It is obvious to see when rents have doubled, mortgages have doubled and the house prices in this country have doubled all the way across. That does not make any sense at all.
The government is absolutely great at blaming everyone else for its own inflationary problems. It is kind of like me and the member for Kingston and the Islands blaming other people for being as big as we are. It is like saying the environment is the reason we are the way we are. No, it is because we did that to ourselves, much like the government is the one that spent so much money that it created this inflationary crisis, and random Liberals agree with us.
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- Feb/14/23 10:16:38 a.m.
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moved:
That, given that,
(i) after eight years of this Liberal Prime Minister, inflation is at a 40-year high,
(ii) after eight years of this Liberal Prime Minister, the cost of groceries is up 11%,
(iii) after eight years of this Liberal Prime Minister, half of Canadians are cutting back on groceries,
(iv) after eight years of this Liberal Prime Minister, 20% of Canadians are skipping meals,
(v) after eight years of this Liberal Prime Minister, the average rent for a two-bedroom apartment across Canada’s 10 biggest cities is $2,213 per month, compared to $1,171 per month in 2015,
(vi) after eight years of this Liberal Prime Minister, 45% of variable rate mortgage holders say they will have to sell or vacate their homes in less than nine months due to current interest rate levels,
(vii) after eight years of this Liberal Prime Minister, average monthly mortgage costs have more than doubled and now cost Canadians over $3,000 per month,
(viii) the Governor of the Bank of Canada, Tiff Macklem, has said that “inflation in Canada increasingly reflects what’s happening in Canada”,
(ix) the former Governor of the Bank of Canada, Mark Carney, has said: “But really now inflation is principally a domestic story”,
(x) former Liberal finance minister, Bill Morneau, has said that the government probably spent too much during COVID,
(xi) former Liberal Deputy Prime Minister and Finance Minister, John Manley, said that the Liberal Prime Minister’s fiscal policy is making it harder to contain inflation,
the House call on the government to cap spending, cut waste, fire high-priced consultants and eliminate inflationary deficits and taxes that have caused a cost-of-living crisis for Canadians.
He said: Madam Speaker, Biggie Smalls once said, “Mo Money Mo Problems”. With the Liberal government, it seems like the more the Liberals tax, spend and waste Canadians' money, the more problems Canadians have.
After eight years of the incompetent Liberal government and its economic mismanagement, Canadians are feeling the pain. A 40-year high in inflation, high interest rates, and tripling taxes have led to Canadians running out of money.
Even before COVID hit Canada, the Prime Minister was spending record amounts on consultants and his Liberal insider friends. On top of all that, there was $100 billion in deficit spending. Of course, the spending has never ended. During COVID, the government felt good about adding half a trillion to the national debt, 40% of which had nothing to do with COVID spending.
We know now that the Prime Minister's nearly $700-billion spending spree has been more about helping insiders than actually supporting Canadians. Instead of making life better, the Prime Minister spends $15 billion a year on high-priced consultants with whom he has personal connections. Lucrative contracts have gone to companies like SNC-Lavalin and the WE Charity, as well as a company run by former Liberal MP Frank Baylis. He flushed Canadians' money down the toilet each time just to make his friends richer.
The Auditor General has even reported that $32 billion went to subsidizing criminals, foreign nationals and even dead people. Will the government get Canadians' tax dollars back from the people who should not have gotten them? Of course not. Is it going to be knocking on those coffins or tombstones to ask for the money back? The CRA seems more interested in going after law-abiding, living, breathing Canadians than Liberal-friendly corporations and criminals.
No wonder everything feels broken in this country today. Even our health care, airports and trains are a mess, and standard government services like passports or immigration are so backlogged it will take years to undo the damage once the Conservatives take over.
The cost-of-living crisis in this country is only getting worse. Inflation remains three times higher than the Bank of Canada's 2% target. Grocery prices are inflating by 11% every single month, and Canadians cannot afford home heating even if they can afford a home.
The fiscal policies of the Liberal government have left Canadians in a hole. The Prime Minister, who admits he does not think about monetary policy, is clearly not thinking of fiscal policy either. The result of hundreds of billions of dollars being added to the national debt is that the government has created inflation, which has taken the money out of everyday Canadians' pockets. It has taken the food out of Canadians' mouths and the roof from over their head, and the possibility of retirement is now just a dream. Now one in five Canadians is out of money, skipping meals, or accessing charities for help just for basic necessities; 60% of Canadians are cutting back on groceries, while 41% are looking for cheaper, less nutritious options.
Even if people can get their grocery bill down, the Liberal government's inflation is making everything else expensive. The average rent for a two-bedroom apartment across Canada's 10 biggest cities is $2,213 a month, compared to $1,171 a month in 2015. That is an almost 90% increase in rent. One of the issues complicating the price of renting is the need for more supply. Inflation has made the price of building housing units substantially more expensive while increasing red tape and taxes, disincentivizing builders from creating much-needed units.
Canada is becoming a nation of renters. According to RBC, the number of renters has increased at three times the rate of the number of homeowners in just the past 10 years. It is not only young Canadians who are increasingly turning to rent. The shift to renting is across age groups and geographic areas. RBC is projecting that the rapid growth in renters is not going to slow down, and it is clear that the home affordability crisis plays a significant role in that. The number of new homes completed in a year has increased only by 13% from 2015 to 2022.
I am glad to share my time with the great member for Simcoe North.
The Canada Mortgage and Housing Corporation says that if the current rates of new construction continue, housing supply will increase only by 2.3 million units between 2021 and 2030. CMHC projects that Canada must construct an additional 3.5 million units by 2030 to restore house price affordability.
What is most concerning to me is the lack of understanding that the government has of Canada's housing supply crisis. Instead, the Liberals continue to blame other factors or people for their own failures. We do not import land, workers or many of the supplies needed to build a house. I was in the homebuilding industry before coming to this place. I know first-hand that houses can be built using Canadian lumber, metal and workers. Russia, Ukraine and China do not play a part in that, yet house prices have doubled and Canada has the fifth-biggest housing bubble.
While home prices have come down from the crazy highs of last year, they are still significantly higher than prepandemic levels. The government's solution is to give tax credits and handouts, which do not address the housing supply issue, and provide more money to drive home prices. Even if homebuilders can meet the need for 5.8 million new units by 2030, Canadians still face high mortgage costs and diminished purchasing power.
Inflation has decimated paycheques and for first-time homebuyers, paying for a new home is daunting. As of 2021, Canadians would have to spend over half of their disposable income to purchase a home, and that number is only growing. Mortgages are now costing Canadians 60% to 70% of their paycheque and, at the same time, banks continue to raise mortgage payments to respond to the eight consecutive rate hikes by the Bank of Canada. Over 80% of homeowners with a variable rate mortgage have hit the point where their mortgage payment is made entirely of just interest and none of that on the principal.
I hear from industry experts and people in the financial sector that they are already seeing a rise in the number of people turning in their keys and defaulting on their mortgages, a sign that we are dangerously close to repeating the Pierre Trudeau era. The ratio of household debt to disposable income is at an all-time high of 183%, proving that Canadians are over-leveraged amidst the Liberals' overspending. Bank of Canada governor Tiff Macklem is using this as a reason for pausing interest rates, despite him and the current finance minister telling Canadians it was okay to spend and borrow as much as they liked because interest rates were going to be so low for so long.
Now, when Canadians face this affordability crisis and high inflation and interest rates, Governor Macklem and the finance minister seem unconcerned with the potential for a debt default crisis. Instead, the Liberals are so ignorant that they keep spending on inflationary waste like their insider consultant contracts.
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- Feb/3/23 11:18:54 a.m.
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Madam Speaker, after eight years of failed Liberal policies driving up inflation, Canadians are faced with high interest rates and higher mortgage payments and are seeing home prices double across the country. An average monthly mortgage under the Liberal government has more than doubled, going from $1,500 to more than $3,000. Home ownership is impossible and a pipe dream for nine out of 10 young people, as 35-year-olds are forced to continue to live in their parents’ basements.
Let us be clear: Liberal inflation caused this mess. Will the Liberals apologize and take responsibility for pricing young Canadians out of homes?
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