Opposition leader Pierre Poilievre released a 15-minute documentary Saturday showcasing the dire state of Canada’s housing crisis.
The Conservative Party of Canada leader took dead aim at the Prime Minister Justin Trudeau, blaming him for the housing bubble, and the fact that “an entire generation of youth say they will never be able to afford a home.”
The video points to the absurd level of rent costs and monthly mortgage payments such that many Canadians can’t afford to buy groceries, some live in their cars, and homelessness is increasing.
“It now takes 66% of the average monthly income to make payments on the average single attached Canadian house,” he said.
The video comes just a few weeks after the Canada Mortgage and Housing Corporation (CMHC) recently released a report predicting even more rising interest rates, reaching approximately 6-7%, the timing of which couldn’t be worse for many homeowners.
Trudeau blamed for housing crisis
In the video, Poilievre says the crisis started right around the time Prime Minister Justin Trudeau was elected. “Housing costs have gone up more since 2015 than they have in all the years before that combined,” he said.
Poilievre goes into giving a basic economics lesson, explaining that interest rates are set by the Bank of Canada, which is heavily influenced by the Government of Canada.
“The Trudeau Government has doubled Canada’s debt, adding more debt than all Prime Minister’s combined.”
The Conservative leader further explains that the government’s deficits forces the Bank of Canada to boost interest rates to push inflation back down.
Within two hours of posting it, Poilievre’s video was re-posted 850 times, and seen by 100,000 users.
Earlier this week, Stats Canada has released the third quarter GDP reading, showing the Canadian economy shrank by 1.1 per cent on an annualized basis — and just narrowly avoided falling into a recession.