Mr. Speaker, once again Canadians have been slammed by another punishing interest rate hike of 0.5%, bringing interest rates to 3.75%, all brought in to combat the inflation caused by this Prime Minister.
Residents know it has never been more expensive to buy a home in Canada than it has just become under the Liberal government. Housing prices have doubled during the Liberals' seven years in power, with a typical single-family home in my region hovering around a million dollars. Nationwide, the average Canadian now spends 60% of their income on home ownership costs alone. Under the Prime Minister, Toronto has become the number one housing bubble in the world, where it is more expensive to buy a home than in New York, Hong Kong or San Francisco. Vancouver is not far behind, as the sixth highest.
It is not just homeowners who are struggling to make ends meet due to the Liberal inflation. The average rent in Canada is now over $2,000 a month, a yearly increase of over 15%. This is not sustainable.
We have a plan, as a Conservative government, to take action to address this housing crisis.