Mortgages Have Become Unaffordable: Reckless Spending to Blame | May 25, 2024
The Trudeau/NDP’s reckless spending has driven up the cost of everything, forcing the Bank of Canada to raise interest rates at a record pace. This will create misery for Canadians with mortgages, as confirmed by the Office of the Superintendent of Financial Institutions (OSFI).
-Payment Shock: 76% of Canadians with mortgages will face much higher payments upon renewal over the next two years.
-Mortgage Defaults: OSFI expects more Canadians to default on their mortgages due to these increased payments.
-High Debt Levels: Canadian households are the most indebted in the G7, with household debt reaching 178.7% of disposable income.
Despite warnings, Trudeau’s latest budget added $61 billion in new spending. Governor of the Bank of Canada, Tiff Macklem, stated that this spending is “not helpful” in reducing interest rates.
Only Common Sense Conservatives will cap spending and lower interest rates for Canadians. Trudeau just isn’t worth the cost.