44th Parl. 1st Sess.
October 17, 2023 10:00AM
- Oct/17/23 12:12:01 p.m.
- Watch
Madam Speaker, I want the member to explain how the New Democrats have no responsibility for the inflation in grocery prices, as they vote with the Liberal Party 95% of the time. How do they have no responsibility for interest rates going up so that people cannot afford their homes? How do they have no responsibility for mortgage rates going up so that Canadians cannot afford their homes? Rental rates are going up too so that they cannot afford their homes.
It is so funny that those members want to say they have the answers. The only answer they have is playing lapdog to the Liberals and keeping the Prime Minister in power. It is pathetic.
116 words
- Hear!
- Rabble!
- add
- star_border
- share
- Oct/17/23 12:13:15 p.m.
- Watch
Madam Speaker,
Everywhere I go, people come up to me and say, you know, we're losing faith in the Liberal Party... I've had people tell me they can't afford to buy groceries. They can't afford to heat their homes, and that's hard to hear from, especially seniors who live alone and tell me that they go around their house in the spring and winter time with a blanket wrapped around them 'cause they can't afford the home heating fuel and they can't afford to buy beef or chicken.
It is heart-wrenching when you hear someone say that you.
This is a quote from the lone Liberal member who was brave enough to vote for his constituents instead of this high-inflationary Prime Minister.
These are the same sentiments I hear day after day as I tour the country hearing from seniors. Last week, I had the opportunity to spend time with a group of seniors from the Northumberland—Peterborough South area. Their concerns mirror the same concerns as our friends from the Atlantic coast.
I will be sharing my time with one of my favourite MPs, the member for Calgary Forest Lawn.
After eight years of the Liberal government, the Prime Minister has added more to the national debt than all previous prime ministers combined. A half a trillion dollars of inflationary deficits has directly led to a 40-year inflation high.
Prior to budget 2023, the Minister of Finance said, “What Canadians want right now is for inflation to come down and for interest rates to fall. And that is one of our primary goals in this year’s budget: not pour fuel on the fire of inflation.” Then she proceeded to usher in $60 billion of new spending.
In order to combat inflation, the Bank of Canada has been forced to increase interest rates 10 times in just 19 months. These rate increases have increased mortgage payments. Since the Prime Minister took office, monthly mortgage payments have increased 150% and now cost $3,500 on a typical family home.
I want my colleagues in this place to think about a few statistics I found on the nesto mortgage company website. In Toronto, as of 2021, the average house price was just over $1 million. The down payment required to purchase a home was just in excess of $232,000. It would take an average person 42.2 years to save for the down payment. To make a comparison, it took roughly 4.2 years to save up for the minimum down payment on a home in Toronto 10 years ago when our country enjoyed a Conservative government. In Vancouver, there is a similar situation. The average cost of a home is just in excess of $1.2 million with a minimum down payment of $242,000. The time to save for a down payment in Vancouver is 44.3 years. Just 10 years ago, it took an average of only 5.2 years to afford the minimum down payment for a home in Vancouver.
On June 5, CTV News Toronto reported that the National Bank of Canada released its housing affordability report, indicating that it will take Torontonians about 25 years to save for a down payment on a house and the qualifying income level to purchase a property is in excess of $236,000. Does the average Canadian earn $236,000? I do not think so.
If this does not make it clear, this Prime Minister just is not worth the cost.
Let us think about it. According to TransUnion, the average credit card balance for Canadians in the second quarter of 2023 was $4,185, which is up from $3,909 in the second quarter. That is up from average monthly credit card spending of almost $2,447 in the third quarter of 2022, which is up 17.3% from the same time in 2021, and up 21.8% from 2019.
From another report, Canadian consumer debt has risen to $2.4 trillion, with an average debt load of approximately $21,131, excluding mortgage payments. Canadians are using credit cards more as there was a 9% increase in credit card balances in June 2023 compared to the same time last year.
These trends are a repeat of the past. Let us reflect on the 1980s when the lending rate for a five-year fixed mortgage was 22.75%. This caused homeowners with mortgages to struggle with high interest payments, resulting in foreclosures.
Let us do some comparisons. In 1981, the average price of a home was $110,000. At an interest rate of 22.75%, the monthly payment was just under $2,000. Today, the average price of a home in Toronto is $1.2 million. At an interest rate of 7%, the mortgage payment is $6,724. What was the similarity during these two periods? Can anyone guess? Both prime ministers shared the same last name.
In my previous life as a bank manager and mortgage specialist, I witnessed the hardship of many Canadians, friends and neighbours who lost their homes to the inflationary, out-of-control spending by the Trudeau Liberal government.
870 words
All Topics
- Hear!
- Rabble!
- add
- star_border
- share
- Oct/17/23 2:24:42 p.m.
- Watch
Mr. Speaker, after eight long, miserable years, the Prime Minister is not worth the cost. He massively increased the money supply by $600 billion, inflating housing costs by over 100%. That forced one Seaspan shipyard worker, who I met last week, to buy a normal house for over a million dollars. Now interest rates have gone up because of inflationary deficits, something the Prime Minister promised would not happen, and he is forced to pay $7,500 a month on his mortgage while supporting his three kids.
Will the Prime Minister reverse his inflationary spending so that this gentleman, his wife and three kids can afford to keep their home?
110 words
- Hear!
- Rabble!
- add
- star_border
- share
- Oct/17/23 2:39:34 p.m.
- Watch
Mr. Speaker, unfortunately, after eight years of the government, it is too little, too late for many struggling people. We know the government's housing crisis brings with it a generational divide. According to a survey reported on by BNN Bloomberg, nearly 70% of young people have chosen to delay their home purchase. Why is that? They cite rising interest rates and rising home prices. That is why people are overpaying for an individual room or are simply trapped in their parents' basement.
I ask this again: Why does the government not stop its inflationary spending so that Canadians can afford a home?
103 words
- Hear!
- Rabble!
- add
- star_border
- share
- Oct/17/23 2:49:08 p.m.
- Watch
Mr. Speaker, every day I hear from Canadians that after eight years of the Liberal-NDP government, they are unable to pay their bills. Recently, Rob wrote to me, telling me that he can barely afford his mortgage payments, so he and his wife have started selling off their personal possessions to pay their monthly bills. He realizes that the Prime Minister is just not worth the cost.
When will the Prime Minister stop his irresponsible spending, which is driving up inflation and driving up interest rates, so Canadians can afford their homes again?
94 words
- Hear!
- Rabble!
- add
- star_border
- share
- menumenu
- notificationsnotifications
- home
- mailmail
- searchsearch
