Mr. Speaker, Maclean's magazine reports, “Two jobs, no money: How mortgage rates have pushed one Toronto father to the brink”. Two years into their mortgage, their biweekly payments have reached $2,268, now paying more than $5,000 a month to live in a 900-square foot townhouse, and $3,500 of that goes to interest.
All of his spending programs have doubled the cost of housing and, according to the Bank of Nova Scotia, have boosted interest rates another 2%.
Will he realize the damage he is doing in causing Canadians unsupportable, unsustainable mortgage payments?