Just The Facts: Mortgage Payments Will Skyrocket Under Trudeau

May 26, 2024

After nine years of Justin Trudeau, the cost of living has become unaffordable. Trudeau’s spending and inflationary taxes have driven up the cost of everything, forcing the Bank of Canada to slam on the brakes with the fastest increase in interest rates in Canada’s history.

Yesterday, the Bank of Canada confirmed that Canadians will see a steep jump in payments as millions of Canadians renew their mortgages over the next few years. In fact, the median monthly payment may increase by more than 60 percent for Canadians who have a variable rate mortgage.  

Mortgage payments will rise significantly even for Canadians who have a fixed-rate mortgage. Median mortgage payments for fixed-rate mortgages will increase by 20 percent in 2026. No wonder that the Governor of the Bank of Canada has said that Trudeau’s spending is “not helpful” in bringing inflation down and lowering interest rates.

On top of this, as the cost of everything increases, the Bank of Canada has reported that more and more Canadians are going into credit card debt. Already, Canadians have significantly higher household debt than other similar economies. Over the past year, the share of Canadians who carry a credit card balance of at least 80 percent of their credit limit has continued to climb.

Trudeau was warned that his spending was making it harder to bring down interest rates. But in the most recent budget, the Liberal Government added $61 billion in new inflationary spending, costing the average Canadian family an extra $3,687.

Only Common Sense Conservatives will cap the spending, axe the tax and fix the budget to bring home lower interest rates for Canadians.