Thank you, Mr. Chair.
I want to use my time, before I pass it over to Mr. Chambers, to give a notice of motion at the public meeting of the finance committee. It reads as follows:
That given interest rates are at the highest levels since the 2008 recession and mortgages have significantly increased since 2015, the Standing Committee on Finance undertake a study on the impact of inflation and interest rates on mortgages in Canada. And that the study includes, but is not limited to, the increase in the number of mortgages hitting their trigger rate and the number of mortgages that have had their amortization period increased beyond 25 years. That the committee include in its witness list the Canadian Mortgage and Housing Corporation, the Office of the Superintendent of Financial Institutions, and representatives from the “Big 6” Canadian banks. That the committee take no less than 4 meetings for this study, and that the Committee report its findings to the House.
I think this study is very important given the climate of the economy today. We have seen how housing and mortgages have become more unaffordable than ever for Canadians. I hear first-hand from Canadians about the pain they are facing because of rising interest rates and inflation brought on by out-of-control spending by the government, with single mothers unable to make rising mortgage payments, first-time homeowners having their mortgages hitting their trigger rates and the dream of home ownership out of reach for so many young people. We see people making tough decisions on whether they pay for shelter or for food. One in five Canadians is starting to skip meals.
Recently, we also heard from banks such as RBC and CIBC that 20% of their mortgages are at a point where the borrowers' monthly payments are not even covering interest costs. We also know now that mortgages are being extended beyond 25-year amortization periods, with questions about the effect this will have on borrowers and the mortgage market.
All of this is concerning for homeowners and future homeowners. That is why I'm giving notice of this important motion today.
Thank you.