Finance Committee on Dec. 9th, 2021

[Chrystia Freeland, Liberal, University—Rosedale, ON]

I have great confidence in the prudent measures that the government and OSFI put in place last summer to ensure that Canadians did not take on undue risk.

[Pierre Poilievre, Conservative, Carleton, ON]

Is it stable?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

I just want to reiterate that for anyone, particularly someone from a party that aspires to one day form government—

[Pierre Poilievre, Conservative, Carleton, ON]

Is the housing market stable?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

—to make such irresponsible assertions—

[Julie Dzerowicz, Liberal, Davenport, ON]

A point of order, Mr. Chair...?

[Candice Bergen, Conservative, Portage—Lisgar, MB]

I have a point of order.

[Julie Dzerowicz, Liberal, Davenport, ON]

On a point of order, can we please allow the Deputy Prime Minister and Minister of Finance to respond without repeating the question over and over again?

[Candice Bergen, Conservative, Portage—Lisgar, MB]

On a point of order, Chair, you've ruled that you want to give the minister the ability to respond, to answer the question. I think the minister is now wading into telling opposition members how to do their jobs. Respectfully, I've chaired a committee before—

[Julie Dzerowicz, Liberal, Davenport, ON]

That's not a point of order.

[Candice Bergen, Conservative, Portage—Lisgar, MB]

It's absolutely a point of order.

[The Chair, Liberal, Peter Fonseca]

Ms. Bergen, what I'll say is that it is very difficult with crosstalk for the interpreters—

[Candice Bergen, Conservative, Portage—Lisgar, MB]

It is difficult.

[The Chair, Liberal, Peter Fonseca]

—for one, because I do hear from the interpreters—

[Pierre Poilievre, Conservative, Carleton, ON]

Well, then, do your job, allocate the time accordingly and let us get on with the questioning.

[The Chair, Liberal, Peter Fonseca]

That is what is being done, Mr. Poilievre. Allow the minister to answer, and then ask your next question and allow the minister to answer. We will continue in that format.

[Pierre Poilievre, Conservative, Carleton, ON]

All right.

We're not going to get an answer on whether the minister thinks the housing market is stable.

My next question is this: What is the total amount of public and private debt in Canada today?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

We are going to give a full report on Canada's public finances on Tuesday, but I am happy to say that the net worth of Canadian households is up 22% from the beginning of the crisis. In Q3, the household savings rate was—

[Pierre Poilievre, Conservative, Carleton, ON]

The question is about the total debt of Canadians today.

[Chrystia Freeland, Liberal, University—Rosedale, ON]

—11%, compared to 3.4%.

[The Chair, Liberal, Peter Fonseca]

I'm sorry, Minister. It is very difficult for the interpreters—

[Pierre Poilievre, Conservative, Carleton, ON]

I agree.

[The Chair, Liberal, Peter Fonseca]

—with the crosstalk that happens when you interject and do not allow, at least, the finishing of a sentence. I'll allow the minister to conclude her remarks.

[Pierre Poilievre, Conservative, Carleton, ON]

The question was what the total debt level, public and private, is in Canada today. I'm just looking for that particular number.

[Chrystia Freeland, Liberal, University—Rosedale, ON]

I'm happy to say that on Tuesday, just a few days from now, we're going to give a full public accounting. I am also pleased to remind the member that the savings rate of Canadians was 11% in the third quarter, up from 3.4% between 2010 and 2019.