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July 19th, 2023

Singh blasts Trudeau for the mortgage bombshell hitting homeowners

In Windsor-Essex the average price to buy a home has increased by 160.3 per cent since Justin Trudeau became Prime Minister in 2015

WINDSOR – On Wednesday, one week after the Bank of Canada increased its interest rate yet again, Jagmeet Singh was in Windsor blasting Prime Minister Trudeau for his role in the mortgage bombshell hitting Canadian homeowners.

“Canadians are working hard but, with last week’s interest rate increase, homeowners are taking yet another hit on their mortgages,” said Singh.

“Trudeau’s years of inaction have created a mortgage bombshell for Canadians. Instead of building the homes people need and taking measures to tackle inflation — his government is standing by while the Bank of Canada’s decisions are hurting people.

Under Justin Trudeau, Canadians are facing the most expensive housing market in the G7, and they are the most indebted population in the G7 – mostly because of their big mortgages. Now, with last week’s hike, homeowners are paying the highest interest rate in 20 years on their mortgage. The government must act.”

A couple who purchased a home at the average market price in Windsor with a 25-year variable-rate mortgage has seen their mortgage payment increased by $1,713 a month in less than a year and a half. If the government doesn't implement anti-inflationary measures, this couple will pay more than $500,000 in additional interest over the life of their mortgage than they had initially planned.

“Trudeau promised to make things better, but things are getting worse for families,” said Singh. “And Pierre Poilievre has shown Canadians us who he really is. Over the nine years he was in government,

Conservatives kept Liberals’ cuts to affordable housing. Shamefully, he helped build this system where rich investors can use the housing market to make their fortune while Canadians get priced out of the communities that they love.

The federal government must step up for Canadians. We’re calling on the Liberals to offer stronger mortgage relief, reduce house prices by building more homes for people so prices don’t keep rising and lead to even higher mortgages, and get more money back into people’s pockets to help them with the skyrocketing cost of living.

The bottom line is Justin Trudeau must stop acting like everything is fine and start defending homeowners.”