Madam Speaker, things were really tough, and I am the first person to agree. More people are going to a food bank, which is also a fact. As I said, after the pandemic, inflation shot up, interest rates shot up and mortgage payments shot up. Even working families found it hard. However, we did provide support to all those in need, and we continue to do so.
Things are changing. The fact is that inflation has come down to 2%, and the interest rates have fallen to 4.25%. The Bank of Canada is meeting next on October 23. It is not a question of whether the interest rate will reduce further, but a question of whether the Bank of Canada is going to reduce it by 0.25% or 0.5%. The market economists are forecasting that the interest rate will come down to 3% by July 2025.
Yes, we have had this pain. Canadians felt the pain. We all felt the pain, but now things are changing, and they are changing for the good.