Mr. Douglas Roche (Edmonton South):
Madam Speaker, yesterday the central bank lending rate rose again, increasing to intolerable levels the financial pressure on the ordinary citizens of our country. In view of the fact that high interest rates have made construction of new apartment buildings and homes an unviable proposition, and that my city of Edmonton presently has a vacancy rate of only 1.1 per cent, with many people there facing mortgage renewals, rental increases and loss of income through increasing lay-offs, I move, seconded by the hon. member for Wetaskiwin (Mr. Schellenberger):
That the Minister of Finance take immediate steps to reduce present high interest rates, which are severely damaging not only the economy, but the lives of hard-working Canadians desperately worried about their own future.
Subtopic: THE ECONOMY
Sub-subtopic: EFFECT OF HIGH INTEREST RATES-MOTION UNDER S.O. 43