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Decentralized Democracy

House Hansard - 232

44th Parl. 1st Sess.
October 16, 2023 11:00AM
  • Oct/16/23 2:43:37 p.m.
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Mr. Speaker, is the minister aware that about 20% of mortgages are now in negative amortization? The monthly payment does not even cover the principal and interest. Our leader has repeatedly warned about the inevitable outcome of rising inflationary spending. No one listened, not the Bloc Québécois nor the Liberals. After eight years of disastrous management, will the Liberals stop their inflationary spending to bring mortgage rates down so that Canadians can keep their homes?
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  • Oct/16/23 3:01:28 p.m.
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Mr. Speaker, this government's policies have forced the Bank of Canada to increase the interest rate 10 times, with devastating effects. Here is the latest example. Approximately 20% of mortgages at the country's big banks are in negative amortization. What does that mean? It means that people's monthly payments are not enough to cover the interest. The unpaid interest is growing and being added to the balance. These loans will never be paid off. When will the Liberals put an end to their inflationary deficits so that interest rates will drop and Canadians are able to stay in their homes?
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