44th Parl. 1st Sess.
June 19, 2023 11:00AM
- Jun/19/23 2:21:58 p.m.
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Mr. Speaker, over the last 10 years, Canada has experienced the worst economic growth rate since the Great Depression, and the root cause of this problem is no great mystery. Liberal deficits have led to Liberal inflation, which is driving a cost of living crisis, and Canadians are noticing it every time they go to the grocery store.
Liberal inflation has also caused the Bank of Canada to raise interest rates nine consecutive times. These interest rate hikes have turned the housing market into a ticking time bomb. As more and more Canadians are going to the bank to renew their mortgages at higher interest rates, many are finding that they can no longer afford to stay in their homes. However, a new Conservative government would fix these problems so Canadians can stay in their homes.
For their homes, my home and our homes, let us bring it home.
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- Jun/19/23 2:28:45 p.m.
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Mr. Speaker, after eight years of this Prime Minister, the cost of housing has doubled. The cost of a down payment for the average house has doubled. Monthly mortgage payments have doubled. The average cost of rent has doubled.
Now the Minister of Finance is introducing another $60 billion in inflationary deficits. That is $4,200 per Canadian family.
When will the minister balance the budget to reduce inflation and lower interest rates?
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- Jun/19/23 2:51:11 p.m.
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Mr. Speaker, massive Liberal deficits cause inflation, which cause interest rate hikes, which lead to mortgage defaults. The IMF warns that Canada is at the greatest risk for mortgage defaults of any country that it tracks. The solution is to stop the deficits, which stops inflation, which stops interest rate hikes, which will stop defaults.
The finance minister knows this, and she said as much last fall, so when will she table her plan to rein in her deficits?
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- Jun/19/23 2:52:18 p.m.
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Mr. Speaker, that is cold comfort to families who do not know what they are going to do when their mortgage comes up for renewal. Inflation caused by Liberal deficits means that Canadians cannot afford groceries. Canadians are increasingly buying food on credit and struggling to pay their bills. Equifax Canada reports that Canadians are going deeper into debt, and defaults are rising.
When will the Liberal government get control of its spending so Canadians can take back control of theirs?
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- Jun/19/23 2:58:09 p.m.
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Mr. Speaker, experts across Canada and the world are sounding the alarm bells. The Liberal government deficits are causing mortgage defaults because of inflation driving interest rate hikes. One mortgage broker in Ontario said that it may be the last straw. Washington and Paris are taking note as well. The IMF and the OECD have singled out Canada as the nation with the highest risk of mortgage defaults.
Will the Prime Minister listen to domestic and international experts and end his inflationary deficit spending?
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- Jun/19/23 3:05:41 p.m.
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Mr. Speaker, big spending and big deficits by the Liberals have accomplished one thing; big inflation. Actually, they have accomplished two things as Canadian food bank use has never been higher because Canadians cannot afford to put food on the table.
Here are the consequences of the accomplishments of Liberal inflation and carbon taxes: In 2021, about two million Canadians accessed a food bank every single month. That more than doubled to five million last year. This year, a staggering eight million Canadians are accessing a food bank every single month.
How much more will Canadians have to pay to put food on the table when the Liberals implement a second carbon tax?
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