A motion to question Finance Minister Chrystia Freeland over the coming impacts of interest rates on mortgage renewals was voted down by the House of Commons finance committee on Aug. 11.
“We are not paying close enough attention to what is happening in the mortgage market," said Conservative MP Adam Chambers, who sponsored the motion.
“I am very concerned about what is going to happen in the fall when people continue to renew mortgages every month at a much, much higher rate.”
Mr. Chamber’s motion asked that Ms. Freeland, who is also the deputy prime minister, appear for questioning before the committee by the end of the month. The motion failed by a 6–4 vote, as first reported by Blacklock’s Reporter, with Liberal and NDP members on the committee opposed.
“Many low-income households are already buying only necessities, leaving little room for further cuts to their spending,” wrote researchers.
Conservatives Raise Alarm
Mr. Chambers said Canadian mortgages are up by around 137 percent.“When people are renewing mortgages, which is happening every month for the last six months, they’ve seen incredible increases,” he said.
Conservative MP Brad Redekopp, a former home builder, told the finance committee that housing is a key worry.
“Two-thirds of household spending is related to housing. As the committee talks about inflation and the impact on Canadians, there is nothing more significant than the impact of housing on Canadians’ budgets,” he said.
Liberal MP Julie Dzerowics told the committee the government is “thinking about this every day,” and will ”continue to be open to all the best ideas.”
