Mr. Speaker, the dream of home ownership, once achievable for most Canadians, is drifting out of reach for our middle class, especially young parents. House prices are simply quite divorced from reality. This should not be a surprise. Millennials have known this for years, but it was a shock to CMHC, which last June was warning of a 9% to 18% decline in house prices. Instead, prices jumped more than 17% nationwide.
Why are prices so high during the worst economic crisis in a decade? There are a number of factors, but chief among them is the Bank of Canada's use of quantitative easing with the Government of Canada. Printing money to buy debt has reduced mortgage rates and drastically inflated home prices in the interim.
When will the government get a handle on our nation's finances, publish a budget and make some sort of meaningful effort to support the ability of millennials to purchase a home? What are we doing to secure their futures? Do we want an entire generation of Canadians living in basement suites?