Mr. Speaker, the government's own housing agency reports that mortgage delinquencies are up, but the worst is yet to come. The CMHC estimates that interest rates for homes will continue to climb. About two million Canadians will renew their mortgages next year, and they will face new rates that are 3% higher than they were during the pandemic.
The housing crisis in this country is quickly becoming a catastrophe under the Liberal government. The Prime Minister's promise was to “build, baby, build”, but under his government, home starts have stopped in Toronto and Vancouver and mortgage delinquency rates are skyrocketing. In fact, since 2022, mortgage delinquency rates have shot up 64%. It is no wonder that nine in 10 Canadians are now worried about housing.
The Prime Minister's plan looks an awful lot like the last prime minister's. It is all talk and no action. Canadians need our Conservative plan, which will restore affordability, get homes built and restore the dream of home ownership to Canadians once again.