Costs of living have soared in spite of the Liberal government's promises, says NDP leader
NDP Leader Jagmeet Singh has called on the federal government to issue another round of the $500 Canada Housing Benefit to help consumers weather the current affordability crisis.
Speaking from Sooke, BC, Singh said that another $500 top-up will be a massive boon for low-income families already wrestling with mounting costs and persistent inflationary pressures.
The first CHB was announced in September last year, and was distributed just before the Christmas season. A next round of benefit payments will be needed as costs of living have soared in spite of the Liberal government’s promises.
“They’re a failure,” Singh said of the Liberals’ policies.
Data from Canada Mortgage and Housing Corporation (CMHC) indicated that 815,190 individuals and families applied for the benefit, with a total of $402 million paid out until March 31 this year.
BMO Senior Economist & Director of Economics Sal Guatieri noted that national #affordability is currently at its poorest since 1988, with around 39% of median income required to purchase an average-priced home in Canada. https://t.co/0b3wc6do1g#mortgageindustry #housingmarket
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 28, 2023
Liberals under fire
The housing crisis has proven to be a gut check that the Liberal government has seemingly failed in.
An Abacus Data poll earlier this year found that only 16% of Canadians believe that the Liberals are the most qualified economic managers in the current environment, compared to 47% of those having more favourable opinions towards the opposition Conservatives.
“[Canadians] believed that debt would not have any consequence, and that interest rates were going to stay low for a long time,” Conservative leader Pierre Poilievre said after the Bank of Canada’s June rate hike. “The prices of homes doubled after six years of your government. Canadians needed to borrow more than ever before to be able to buy those same houses.”
“This is on the verge of becoming a crisis… Justin Trudeau, you and your spending, out of control debt and taxation are leading us head-on into a full-scale financial crisis and I will not let you do it.”
