Mr. Howard Crosby (Halifax West):
Mr. Speaker, I have a question on mortgage interest rates for the Minister of State for Finance. Yesterday a major Canadian bank announced its new rate for a five-year residential mortgage would be 14.5 per cent. Everyone in the real estate industry knows a rate higher than 14 per cent is a serious danger signal. Home owners cannot make the higher payments, those seeking homes cannot afford to build or buy, construction stops, and jobs are lost.
What is the Government's policy on mortgage interest rates? Has the Government turned its back on the four million Canadian families who must face higher mortgage payments? The Government promised interest rates would be made in Canada for Canadians. Will the Minister now admit that this is another broken promise?