Linked statement

“Interest rates are going up, and that will make mortgage payments much higher for Canadians. The government's high spending is causing this inflation and driving rates higher. When will the government cut its spending so Canadians can afford to live?”

“Mr. Speaker, markets are predicting it, the Parliamentary Budget Officer is predicting it and even Tiff Macklem of the Bank of Canada is indicating there is a good chance that interest rates are going to go up, maybe even as early as this Wednesday. Last Monday alone, the five-year bond yield that drives fixed mortgage rates rose by over 14% basis points, but what does that mean for Canadians? Well, if someone has a $250,000 five-year, fixed mortgage that is renewing in the next three to six months, that means their mortgage payments are going to go up about $3,000 to $4,000 this year. What family in this affordability crisis has an extra $3,000 to $4,000 for their mortgage payments? The reason for this is the government’s out-of-control spending. Its credit card budget is driving inflation, driving interest rates higher and higher, and making life unaffordable for Canadians. When will the government finally rein in its spending so Canadians can afford to live?”