Pierre Poilievre, Shadow Minister for Jobs and Industry, spoke today as to the federal government's ineptitude in managing the ongoing housing crisis.
"Prices are up 65,000 dollars this year in real estate," Poilievre began. "Imagine, in a year where our economy has lost over 100 billion in economic output, where hundreds of thousands are losing on their paycheques, we find all this money to buy real estate? From beginning of 2019 to mid-2020, the inflation of our assets has been worth more than our entire economy; we have 2.7 trillion in asset inflation in an economy worth just over 2 trillion. That would be like making more money from the appreciation of your house than salary you take home from work. It would be nice, if it could happen forever; floating on a bubble to prosperity. However, we know in the end, our assets are only worth what we can afford to pay."
"Can Canadians afford the real estate we have now?," Poilievre went on. Ask the CMHC and the RBC, the former says a home shouldn't cost more than 30% of your income on. According to averages provided by RBC, that number right now is at 50%. We're 20% too high for the average person to afford the average house, and this is even with record low interest rates. These payments will only become more expensive when rates rise."
Poilievre also spoke about the government's failure to introduce a new budget. "Today marks 24 continuous months with no budget at all." Poilievre began Friday. "We're the only country in the G7 not to have a budget. And this comes after two years in which the government has spent more than it did fighting the Second World War, adjusted for inflation. Trudeau's gotten rid of balanced budgets - and then he did away with budgets altogether. Here we are, spending a record sum without knowing what we're spending it on. Today marks not only a two year anniversary, but a trillion dollar of new spending since the last one was introduced. Imagine spending a trillion dollars without a budget. Most families don't spend 20,000 without budgeting for things."