Canada's NDP

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June 10th, 2022

Rising mortgage rates will be devastating for families already struggling to get by

Solutions exist to help people, the Liberal government just needs to act Leader of Canada's NDP Jagmeet Singh issued the following statement:

“Today, Canadians who are already having to pay more for groceries and gas are told to brace themselves for higher mortgage payments. The Bank of Canada warns that homeowners could pay as much as 45% more on their mortgage in 5 years. This will be devastating for families already struggling to make ends meet.

For far too long, the Liberals have failed to treat the housing crisis for what it is: a crisis. While the NDP has secured improvements to help people find a more affordable place to live, it's imperative that the government treat housing like the crisis that it is and build massive amounts of non-market housing so people can find a home they can afford.

To tackle the housing crisis, New Democrats are also calling on the Liberals to stop the financialization of housing that allows big corporations and wealthy investors to make big money by putting people out of a home.

We must also make sure families whose budgets are already stretched thin get the help they need now to pay their bills and put food on the table. While people are already struggling to make ends meet, the Liberals made it worse by cutting Canada Child Benefit payments for families who received the Canada Recovery Benefit during the pandemic. This is unacceptable.

The Liberals must do more to help people get by—solutions exist.

New Democrats have been calling on the Liberals to stop stalling and immediately get between $500 and $1000 in peoples’ pockets by doubling the GST tax credit and increasing the Canada Child Benefit. People can count on us to keep fighting for you and your family in these difficult times.”