Madam Speaker, from my community of Kelowna—Lake Country, a mom told me recently that she believes her daughters will never own their own home. Now, it takes over 25 years to save for a down payment on a mortgage for the average home. This means that a young adult fresh out of college will be in their fifties before they will be able to buy a home.
It was not like this a generation ago. In 1972, Canada's population was 22 million, and we built around 230,000 homes. In 2022, Canada's population was 39 million, and we built around 220,000 homes. We built fewer homes last year than we did 50 years ago.
Inflation has hit record highs going back 40 years. Inflationary deficit spending policies of the NDP-Liberal government have caused high inflation, which caused higher interest rates. I spoke to someone yesterday whose home mortgage upon renewal last month went up over $2,000 a month. After eight years, the Prime Minister is just not worth the cost.