The Economy

Question period focused on the economy, mainly household debt and cost of living. The Conservatives said Canadian households carry the highest debt in the G7, more people are missing mortgage and bill payments, and bankruptcies are at their highest level since 2009; they asked the Prime Minister to cut taxes and spending and change his economic plans so people can afford to stay in their homes. The Liberals pointed to affordability measures such as the paused gas excise tax and cancelled consumer carbon tax, foreign investment, approvals of mines, LNG and energy projects, and training for well-paying union jobs, and suggested the opposition should support these programs and stop criticizing the country. Some exchanges were personal jabs about the party leaders rather than on the topic itself.Written by AI from the debate. Updated .

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8 statements

Pierre Poilievre, Leader of the Opposition

Conservative
“Canadians have more household debt than people in any other G7 country. More people are missing their mortgage payments. Why is this happening if the economy is doing well?”
Official Hansard

Mr. Speaker, the Prime Minister is fond of blaming the rest of the world for the terrible economy he has created here at home, but the other G7 countries face tariffs and high oil prices, and none of them have anywhere near the level of household debt here in Canada. By far, Canadian households, with $1.77 of debt for every dollar of income, are far more indebted than any other country: in fact, a third higher than the second-worst. I quote Equifax: “[The] missed payment level highlights severe financial strain in high-priced markets, with mortgage delinquencies [up] 52 per cent in Ontario and 36 per cent in [B.C.]”. If people are doing so well under his leadership, why are they missing their mortgage payments?

Pierre Poilievre, Leader of the Opposition

Conservative
“Canadians have the highest household debt in the G7, and more people cannot pay their bills. I want the Prime Minister to change his economic plans so Canadians can afford to live.”
Official Hansard

Mr. Speaker, come on, the Prime Minister could have done better than that. If he is going to hide under his desk and get someone else to speak in his favour, he has to get something better than that. That was about as good as his economic policies. He owes Canadians answers. The reality is that we have the highest household debt of any G7 country, by far, and we have seen that in the first quarter of this year, there has been a 19% increase in year-over-year delinquencies. Canadians cannot make their minimum payments. Instead of smirking and hiding behind his back bench, will the Prime Minister stand up and announce he will reverse course so Canadians can pay their bills?

Pierre Poilievre, Leader of the Opposition

Conservative
“More Canadians are going bankrupt now than at any time since 2009. I want the Prime Minister to stop his spending and debt policies so people do not go broke.”
Official Hansard

Mr. Speaker, Canadians are skipping lunch because they cannot afford to pay their bills, while this Prime Minister and the Brookfield class skip their tax bills. Meanwhile, here at home, here is the reality. Equifax is out this week with a new report. This is the organization that checks the credit scores of individual Canadians. It says, “insolvency volumes have increased to levels not seen since 2009”, 18 years ago. Will the Prime Minister announce that he will reverse the inflationary, debt-ridden policies so that Canadians do not go bankrupt?

Pierre Poilievre, Leader of the Opposition

Conservative
“Millions of Canadians will soon renew their mortgages at much higher rates, and many are already missing payments. I want the Prime Minister to cut taxes and spending so people do not lose their homes.”
Official Hansard

Mr. Speaker, 3.1 million Canadians will renew their mortgages over the next two years into much higher rates after this Liberal government, in particular this Liberal Prime Minister, advised people to take on extra debt with the promise that rates would be low for long. Now, the chickens are coming home to roost, with rate increases that threaten more and more people with the loss of their homes. In the first three months of this year, 1.5 million Canadians missed a payment on a credit card or a mortgage. Will the Prime Minister announce that he is reversing the inflationary high-tax policies so Canadians keep their homes?

Pierre Poilievre, Leader of the Opposition

Conservative
“Canadians cannot pay their bills. Our households have the most debt and the highest housing costs in the G7 because the government raised taxes, caused inflation, and blocked projects. I want the Prime Minister to change these policies so people do not lose their homes.”
Official Hansard

Mr. Speaker, he is bringing down Canada. It does not help the Canadians who cannot pay their bills for that minister to get up and take credit for projects that were approved 14 years ago, nor does it help when the Prime Minister of Canada refuses to even stand on his feet and defend his disastrous economic record at a time when our households are by far the most indebted anywhere in the G7 because the Liberals block projects, because they have raised taxes and because they have caused inflation and the highest housing costs in the entire group of seven nations. Will the Prime Minister reverse these inflationary policies before Canadians lose their homes?

Pierre Poilievre, Leader of the Opposition

Conservative
“I am asking more questions because the Prime Minister only comes once a week and refuses to stand up and answer.”
Official Hansard

Mr. Speaker, the reason I am asking a few extra questions is that the Prime Minister only shows up once a week, and he will not get out of his chair and answer them.

Pierre Poilievre, Leader of the Opposition

Conservative
“Canadians have too much debt and cannot pay their bills because of the Prime Minister. I want him to stop making life harder for them.”
  • Opposition question in Question Period

    Respect 88 of 100

    This statement targeted a person rather than their actions or views: “I know the Prime Minister is very fragile”.

    See full analysis
Official Hansard

Mr. Speaker, I know the Prime Minister is very fragile. He is not used to taking any difficult questions, but the reality is that Canadians cannot pay their bills. In the first year in office, he has driven up household delinquencies by 18%. He has given Canadians the worst household debt in the G7. Delinquencies have climbed by 32% year over year, and in Q1 we saw a 17-year high due to financial strains in Canadian household finances. Will the Prime Minister get off the backs of Canadians so they can pay their bills?

Pierre Poilievre, Leader of the Opposition

Conservative
“Canadians have too much debt, and housing, food, and unemployment are too high. I want the Prime Minister to change his policies so people can afford to pay their bills.”
Official Hansard

Mr. Speaker, we have the number one economy in terms of debt for households, the number one economy in the cost of housing and the number one economy in the cost of food inflation. Those are the only metrics on which this government is leading. We are number two when it comes to unemployment, with the unemployment rate being a third higher than in the United States. Now we see the delinquencies and the missed payments leading to a potential bankruptcy crisis, while the Prime Minister sits and hides behind his back bench. Will he stand up, own up, take responsibility and announce the reversal of policies so Canadians can pay their bills?

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