Trudeau’s Mortgage Misery Will Continue for Millions of Canadians: Pierre Poilievre

The Voice of Canada:

After nine years of Justin Trudeau, life has become unaffordable. Homeless encampments are common in every major city and a record number of Canadians are having to rely on food banks to survive every month. Meanwhile, despite a small change from the Bank of Canada this morning, millions of Canadians are still facing massive hikes in mortgage payments as they renew their mortgages at much higher rates in the months to come.

It wasn’t like this before Justin Trudeau. His government’s reckless spending and taxes drove up inflation and forced the Bank of Canada to slam on the brakes with the fastest increase in interest rates in Canadian history. And then, despite being warned against it, Trudeau decided to add $61 billion of spending in his new budget, which the Governor of the Bank of Canada confirmed was “not helpful” in bringing down interest rates.

As a consequence of Trudeau’s sky-high interest rates, the Office of the Superintendent of Financial Institutions (OSFI) has reported that many Canadians will face a payment shock when they renew their mortgages over the next two years. This could affect as many as 76 percent of Canadians with outstanding mortgages. This is especially concerning as Desjardins has reported that Canadian households are the most indebted in the G7 by a “wide margin.”

The NDP-Liberal government cannot declare victory as a result of this tiny rate cut because millions of Canadians continue to suffer as a result of their policies. This rate cut is not a mark of success for Justin Trudeau but rather a reminder that millions of Canadians will be forced to renew their mortgages at much higher rates thanks to his inflationary policies.

Only Common Sense Conservatives will bring down interest rates for good by axing inflationary taxes and by placing a cap on Trudeau’s spending that got us into this mess.