The minimum wage and people’s salaries do not go up, but house prices do. The financial backlash will affect banks and CMHC. Right now, we are managing to give people a chance to pay, but tomorrow, when interest rates will go up by 1 or 2%, what will happen with all those houses? Will you repossess the houses and then repay the banks?
On February 17th, 2011. See this statement in context.