WEBVTT 1 00:00:04.200 --> 00:00:19.519 Thank you for listening to De Pictures Media Radio. Welcome to Policy and Rights, 2 00:00:21.160 --> 00:00:58.880 the show about the government policy and human rights. Welcome back to the 3 00:00:58.920 --> 00:01:00.600 Policy and Rights. Here in Depiction is Media Radio. I am your host, 4 00:01:00.679 --> 00:01:08.920 Michael Cloggs. We're going to hear a press conference from Christia Friedland and 5 00:01:10.879 --> 00:01:21.040 none as they're talking about the state of economy for Canada and the wonderful things 6 00:01:21.079 --> 00:01:29.599 that and programs that the Liberal government has put in place to stabilize the economy 7 00:01:30.040 --> 00:01:34.879 here in Canada and what they continue work that they're going to do to ensure 8 00:01:36.040 --> 00:01:42.560 that Canada has a stable economy. So why don't we do this at this 9 00:01:42.599 --> 00:01:53.319 point? Why don't we listen to what the ministers and is in the and 10 00:01:53.400 --> 00:01:57.519 the press actually the press questions are to the ministers and hear what they actually 11 00:01:57.519 --> 00:02:04.159 have to say, and then we'll come for some final parts about affordability in 12 00:02:04.359 --> 00:02:15.039 came. Good afternoon, everybody, and welcome to this afternoon's press conference. 13 00:02:15.080 --> 00:02:19.199 I'm Stephanie Leavits at the Toronto Star. I'll be moderating today. Thank you 14 00:02:19.240 --> 00:02:22.120 to our ministers and the Deputy Prime Minister for being here. I understand you 15 00:02:22.159 --> 00:02:24.919 each have short remarks to make with us and then we'll open the floor to 16 00:02:25.080 --> 00:02:35.680 questions. Thank you so much, go ahead, Minister Okay, dabo visa 17 00:02:35.840 --> 00:02:50.719 guarana de la on sweet. Minister Champagne rade me on plus box concurrence sector 18 00:02:51.280 --> 00:03:00.719 lei seri qui le ministra an quip rade examine de de pancerient gueil se for 19 00:03:01.879 --> 00:03:17.080 domine appien avant les don publique semata. Inflation in September was three point eight 20 00:03:17.240 --> 00:03:24.000 percent, down from four percent in August. The decline in headline inflation was 21 00:03:24.080 --> 00:03:30.599 broad based, including on the price of food, and encouragingly, both of 22 00:03:30.639 --> 00:03:37.759 the Bank of Canada's measures of core inflation also eased in September. The trend 23 00:03:38.000 --> 00:03:42.719 is in the right direction, and that is good news for Canadians. When 24 00:03:42.719 --> 00:03:46.280 it comes to ensuring that Canadians are treated fairly by their banks, we're taking 25 00:03:46.360 --> 00:03:52.800 action in four ways. First, just over a week ago, I met 26 00:03:52.879 --> 00:03:58.080 with the CEOs of Canada's largest banks and I told them that it is my 27 00:03:58.319 --> 00:04:04.080 firm expectation that they abide by our government's mortgage guidelines as published by the Financial 28 00:04:04.159 --> 00:04:11.599 Consumer Agency of Canada. Our objective is to protect Canadians by ensuring their financial 29 00:04:11.680 --> 00:04:16.959 institutions treat them fairly and provide them with the tailored mortgage relief they need. 30 00:04:18.199 --> 00:04:25.279 All with the goal of helping Canadians who are today struggling with higher mortgage payments 31 00:04:25.560 --> 00:04:32.319 on their principal residents. For Canadians with mortgages who are stressed and feeling squeezed, 32 00:04:33.040 --> 00:04:39.600 I want you to know that you are entitled to options and flexibility from 33 00:04:39.920 --> 00:04:46.519 your financial institution. Our government will be closely monitoring compliance with these mortgage rules 34 00:04:46.839 --> 00:04:53.480 in the coming weeks. We understand it's a challenging time for Canadians and we 35 00:04:53.639 --> 00:04:58.319 want them to know we are there for them. Second, to make banking 36 00:04:58.360 --> 00:05:02.160 more affordable, I have instructed the Financial Consumer Agency of Canada to work on 37 00:05:02.399 --> 00:05:11.160 making no and low cost bank accounts more readily available to more Canadians. Charges 38 00:05:11.319 --> 00:05:15.439 can rack up, for example, when it comes to online payments, debit 39 00:05:15.519 --> 00:05:21.279 transactions, E transfers or digital banking services, which have become central to how 40 00:05:21.439 --> 00:05:27.879 so many Canadians make payments and handle their banking today. At my direction, 41 00:05:28.079 --> 00:05:32.720 today, the Financial Consumer Agency will now work to ensure that a greater number 42 00:05:32.800 --> 00:05:40.439 of banks offer enhanced and modernized no and low cost accounts to a greater number 43 00:05:40.560 --> 00:05:55.199 of canadianspren desire end bar le fre sent provision could les banc pouve fracture canadin 44 00:05:56.000 --> 00:06:03.920 sefre quipu se leve a fessant di proportion agin again les blue, vulnerable, 45 00:06:04.519 --> 00:06:12.759 parme le guel certain, vive dunechek dubai altre man minister de terminer de combien 46 00:06:12.879 --> 00:06:21.240 sefre pouve etre redui a new do'tremesiur do en economic de la pour severe, 47 00:06:21.480 --> 00:06:30.079 contre le free in desirable, a just and fourth. In order to ensure 48 00:06:30.759 --> 00:06:35.639 Canadians can count on always being treated fairly when dealing with their financial institution, 49 00:06:36.600 --> 00:06:45.360 I am designating the Ombudsmen for Banking Services and Investments as Canada's single, independent, 50 00:06:46.199 --> 00:06:53.319 transparent, not for profit external complaints body for the banking sector. For 51 00:06:53.439 --> 00:06:58.040 too long, banks have been able to choose who adjudicates complaints from Canadians. 52 00:06:58.639 --> 00:07:03.439 Canadians have asked for and deserve better, and with an independent, transparent and 53 00:07:03.639 --> 00:07:09.959 not for profit on boods person, that is what they will receive. I 54 00:07:10.079 --> 00:07:15.120 also want to quickly address the BC government's new legislation to regulate the short term 55 00:07:15.360 --> 00:07:24.040 rental market. This is a positive and important step in the right direction in 56 00:07:24.160 --> 00:07:30.279 an area of provincial jurisdiction. We know that short term rentals through sites like 57 00:07:30.399 --> 00:07:36.399 Airbnb and Verbo mean fewer homes for Canadians to rent and live in full time, 58 00:07:38.480 --> 00:07:43.480 especially in urban and populated areas of our country. That is why our 59 00:07:43.519 --> 00:07:49.759 government is actively examining what options and tools exist at the federal level to ensure 60 00:07:50.120 --> 00:07:57.959 more short term rentals are made available as long term rentals as permanent homes for 61 00:07:58.240 --> 00:08:01.079 Canadians to live in. Have more to announce on that in the weeks to 62 00:08:01.160 --> 00:08:05.240 come. Thank you very much for your attention and let me now pass it 63 00:08:05.319 --> 00:08:11.319 over to fran Merci Madame Levis Prez. Good afternoon, everyone, permetem to 64 00:08:11.360 --> 00:08:31.720 the about Kennedy continued that or two par Le Prix Alipisri come Canadian curly. 65 00:08:31.679 --> 00:08:37.759 We need concrete actions from all the actors across the food chain. Already we 66 00:08:37.879 --> 00:08:43.279 have seen the dairy farmers recommend that fragment that farm gate price of milk stayed 67 00:08:43.279 --> 00:08:46.759 the same for this year, which is a suggestion which has been backed by 68 00:08:46.840 --> 00:08:52.480 the Canadian Federation of an Opendente Grocers. This is the type of action we 69 00:08:52.639 --> 00:08:58.799 want to see and that Canadians need to make sure that we stabilize prices in 70 00:08:58.000 --> 00:09:03.159 Canada. Yes, Canadians want to see action in the weeks and months ahead, 71 00:09:03.799 --> 00:09:07.919 but they also want a long term solution to high food prices, and 72 00:09:09.080 --> 00:09:13.879 that long term solution is to have more competition. It's really that simple. 73 00:09:13.480 --> 00:09:18.679 More competition meets more options, which leads to downward pressure on prices, and 74 00:09:18.840 --> 00:09:24.240 competition is exactly what we're working on with Build C fifty six, which will 75 00:09:24.279 --> 00:09:28.360 give us more tools to make sure Canadians get some long term relief at the 76 00:09:28.440 --> 00:09:33.879 grocery store. This is how we can keep grocers more accountable. How we 77 00:09:33.919 --> 00:09:39.639 would build, how we would do that. Build C fifty six will propose 78 00:09:39.720 --> 00:09:43.679 a number of measures that will be amending the Competition Act. First, we 79 00:09:43.799 --> 00:09:50.240 want to give more power to the Competition Brow to investigate when industries are behaving 80 00:09:50.559 --> 00:09:56.440 unfairly. It is unacceptable than in twenty twenty three, the Bureau is unable 81 00:09:56.559 --> 00:10:01.759 to obtain complete and precise data from in the sh three players, seconds, 82 00:10:03.639 --> 00:10:15.559 the blocky lifusion, the consult the decision pop Solma Commercial. By empowering the 83 00:10:15.639 --> 00:10:22.240 Bureau to take action against schemes that stifle competition and reduce consumer choice, including 84 00:10:22.399 --> 00:10:28.159 situations where, for example, large grocers prevent compet the competition from setting up 85 00:10:28.279 --> 00:10:33.480 their own chain within a certain radius. Put in commercial interest above consumer interest 86 00:10:33.960 --> 00:10:39.159 needs to stop. We need to pass this bill as soon as possible, 87 00:10:39.200 --> 00:10:43.240 and I call on all my fellow parliamentarians to move quickly so that we can 88 00:10:43.320 --> 00:10:58.679 start seeing more competition in Canada New Devon rap possibrapin. I think the conference 89 00:10:58.799 --> 00:11:03.799 Canada, I can when you talk to a fellow colleagues around the world. 90 00:11:03.039 --> 00:11:07.240 Competition is really the way to put a more pressure on the market over the 91 00:11:07.320 --> 00:11:11.600 mid to long term. And let me be clear, Canadian must be able 92 00:11:11.679 --> 00:11:16.159 to put food on the table. Canadians must get competitive prices and we must 93 00:11:16.360 --> 00:11:22.080 increase competition. And for that to happen, we need to see words into 94 00:11:22.159 --> 00:11:26.759 actions from the grossers. If we don't see that, and let me repeat, 95 00:11:26.879 --> 00:11:31.240 if we don't see that, we are ready to take more action so 96 00:11:31.399 --> 00:11:35.840 that we can get more tools in order to have a more competitive market here 97 00:11:35.200 --> 00:11:39.440 in Canada. With that, I will be very happy to ask my colleague 98 00:11:39.480 --> 00:11:46.759 minister and end okay, hi everyone, bonjour toulemonde. Over the last number 99 00:11:46.799 --> 00:11:52.960 of years, our government has worked hard to build a strong economy, which 100 00:11:54.039 --> 00:11:58.639 is why Canada maintains a triple A credit rating, the lowest debt to GDP 101 00:11:58.879 --> 00:12:03.720 ratio in G seven, and low unemployment. However, we also know that 102 00:12:03.879 --> 00:12:09.799 during this economic time, we are living through high inflation and high interest rates, 103 00:12:09.240 --> 00:12:15.240 along with many other challenges that are forcing everyone, including our government, 104 00:12:15.480 --> 00:12:22.120 to pivot and refocus. Somatin de schifrosu la facion one, tepubier je n 105 00:12:22.240 --> 00:12:30.279 dute pas coloposion vud rat couseschifra del flacient sen le rezuza don des pince. 106 00:12:30.919 --> 00:12:33.799 On the contrary, just as we did during the pandemic, we have been 107 00:12:33.879 --> 00:12:41.600 putting in place programs to support Canadians, bill after bill, law after law. 108 00:12:41.240 --> 00:12:48.559 These programs include providing eleven million Canadians with the grocery rebate, four point 109 00:12:48.759 --> 00:12:56.000 two million Canadians with the Workers Benefit, and six million Canadians with increased old 110 00:12:56.120 --> 00:13:03.200 age security. Another example is during the pandemic, when our small businesses couldn't 111 00:13:03.279 --> 00:13:07.080 keep their lights on, we introduced several measures, including the Siba loone to 112 00:13:07.240 --> 00:13:13.639 help them get through dark times. Now, we continue to support small business 113 00:13:13.679 --> 00:13:18.120 owners and their workers who are the backbone of our economy through the extension of 114 00:13:18.440 --> 00:13:24.600 the SIBA loan repayment program. In other words, unlike the opposition who vote 115 00:13:24.759 --> 00:13:33.840 against initiatives to support Canadians, our government firmly believes in investing in Canadians time 116 00:13:33.919 --> 00:13:39.200 after time, because that is how we build a stronger economy and a stronger 117 00:13:39.279 --> 00:13:46.919 country. Come voola vejos dui nous saint plan mont angajille re dui le could 118 00:13:46.000 --> 00:13:52.840 la ville in neu z a land de ferrett convastire de fascan res fonsble. 119 00:13:54.679 --> 00:14:00.240 Right now, Canadian families and businesses and corporations are all checking their books to 120 00:14:00.399 --> 00:14:03.919 see where they can make savings, and the Government of Canada is noted. 121 00:14:05.360 --> 00:14:11.559 We are looking for mere cents on the dollar in terms of refocusing spending to 122 00:14:11.759 --> 00:14:20.120 prioritize smart governance and prudent fiscal management. To achieve this, I asked ministers 123 00:14:20.200 --> 00:14:26.320 to look at any excess spending to find a total of fifteen billion dollars over 124 00:14:26.519 --> 00:14:31.799 five years and four billion dollars every year thereafter. I want to be clear 125 00:14:33.600 --> 00:14:39.279 this is not the Harper era drap and in fact we have taken key lessons 126 00:14:39.799 --> 00:14:46.799 from that experience. For example, we learned that giving flexibility rather than dictating 127 00:14:46.960 --> 00:14:54.679 how to allocate savings is more effective. Subjecting microagencies to significant cuts is counter 128 00:14:54.799 --> 00:15:01.879 productive, and forcing all savings to come from operating budgets risks program integrity and 129 00:15:03.000 --> 00:15:09.559 future funding issues. Every minister has been tasked with re examining things like outsourcing 130 00:15:09.840 --> 00:15:16.240 and executive travel to determine whether there is any waste, and the goal is 131 00:15:16.440 --> 00:15:24.399 to refocus that spending towards current priority issues for Canadians like the clean economy and 132 00:15:24.519 --> 00:15:33.120 affordable housing and supports overall for the middle class matznon de props de proces dexamer 133 00:15:33.600 --> 00:15:46.159 rigor pers government and enampas d'aci dance negative so la prestac de service future ulante 134 00:15:46.240 --> 00:15:52.080 crite de program. We will begin to share the results from this spending review 135 00:15:52.279 --> 00:16:00.639 publicly starting next month with supplementary estimates B followed by Maine stimates to be published 136 00:16:00.960 --> 00:16:11.360 by March first, twenty twenty four. Nos parti de se revue buje noventre 137 00:16:11.840 --> 00:16:17.519 avant le premier Marx de mil Vanka. In this economic time, we must 138 00:16:17.679 --> 00:16:22.960 ensure that taxpayer dollars are being used most effectively, and that is the work 139 00:16:23.399 --> 00:16:27.480 that we will continue to do and I will continue to update you on this 140 00:16:27.639 --> 00:16:37.240 work. Merciboku, thank you, thank you wonderful. We've agreed amongst us 141 00:16:37.320 --> 00:16:38.759 to make the most time as possible. We know you only have twenty minutes. 142 00:16:38.799 --> 00:16:41.120 It'll just be one question per reporter. In that way, if we 143 00:16:41.159 --> 00:16:45.480 have time for a second round lightning quick, we'll do it. So I'll 144 00:16:45.480 --> 00:16:52.559 start with Kate from CBC. This is for the Prime Minister. Canada repatriated 145 00:16:52.600 --> 00:16:56.440 a woman this year who was married to an infamous ISIS fighter serving multiple life 146 00:16:56.480 --> 00:17:00.679 sentences in the US for the deaths of America, can British and Japanese citizens. 147 00:17:02.039 --> 00:17:04.480 She's here on a peace bond. Should Canadians be comfortable with us? 148 00:17:08.400 --> 00:17:14.880 Thanks for the question, and I'm gonna leave comment on that to the responsible 149 00:17:14.920 --> 00:17:18.440 ministers. You don't have any opinion on whether or not I I don't have 150 00:17:18.519 --> 00:17:32.039 any further information to share about that. Milan, Madame frielan bank sweetly direct 151 00:17:33.920 --> 00:17:57.039 Lizzie. We we usually say uh de contre comte, practic deist de finance, 152 00:17:57.880 --> 00:18:07.319 uh to Canada in rone contre jaxis, moan to Canada, Japan in 153 00:18:07.720 --> 00:18:19.039 bond practic kpe qi permitt government partage uh no expectac the institution financier IQ permit 154 00:18:19.960 --> 00:18:30.240 financiers to part govern no more uh uh quill VOI don't economy and again economy 155 00:18:30.480 --> 00:18:38.920 moniard lo on the ron contre normal, uh do not contre dis jours avon 156 00:18:40.079 --> 00:18:48.759 discute bocu uh la situac the Canadian a canadien the monsieur madame to the monde 157 00:18:51.599 --> 00:18:59.279 er lenk he could not govern no more? Are uh there le jon key 158 00:19:00.039 --> 00:19:15.119 desipotec pour leuraisson principald uh antoine could deputy the circumstitution setting Mormon deficile de can 159 00:19:15.240 --> 00:19:30.039 again a quill on the hypothecatleport do sule set situation immen don't la conversation ad 160 00:19:30.200 --> 00:19:40.519 lisence status and financier a du sulner curur not covernmont la prior te se larvi 161 00:19:40.720 --> 00:19:52.400 de jon la priorite du sacre cur lesbanc cern suple cur lebank ser ale cout 162 00:19:52.920 --> 00:20:02.880 okas of the amount of difficulty like an again, like an again, mcken 163 00:20:04.039 --> 00:20:17.559 just as you te in deti hon apubilier lu s juier u se regul de 164 00:20:17.720 --> 00:20:41.359 la chance uh a uhles dug a l lamport I'm Israeli McKenzie with Global McKenzie 165 00:20:41.400 --> 00:20:45.400 gray. A few minutes ago, a f P and AP have reported that 166 00:20:45.519 --> 00:20:49.880 the Israeli military has struck a hospital in Gaza. The Gaza Health Ministry is 167 00:20:49.880 --> 00:20:53.400 saying five hundred people have died. That's now adding to the thousands of people 168 00:20:53.400 --> 00:20:56.880 who have died in Gaza. Are you comfortable in the past few days the 169 00:20:56.920 --> 00:21:00.039 actions that the Israeli military have taken in Gaza. So I'm not going to 170 00:21:00.119 --> 00:21:07.960 comment on that specific news report because I'm not familiar with it. We've been 171 00:21:10.000 --> 00:21:14.880 focused on the economic issues that we wanted to share with you guys, so 172 00:21:15.279 --> 00:21:25.279 I won't comment on that specifically, but I will say the following the terrorist 173 00:21:25.359 --> 00:21:36.839 attacks by Hamas on the State of Israel and the Israeli people were a grave 174 00:21:37.720 --> 00:21:48.160 and terrible violation. Canada recognize those attacks as a terrorist attack, and we 175 00:21:48.279 --> 00:21:53.720 support the State of Israel and the people of Israel, and we recognize that 176 00:21:53.839 --> 00:22:03.240 the State of Israel has the right to defend itself within international law. At 177 00:22:03.279 --> 00:22:08.319 the same time, I think it is really important for us to underscore that 178 00:22:08.480 --> 00:22:17.599 Hamas is a terrorist organization which does not represent the people of Gaza, that 179 00:22:18.400 --> 00:22:29.640 it is very very important that human life, that civilian life be guarded and 180 00:22:29.799 --> 00:22:41.160 preserved, and that international law and the law of war be followed. Ray 181 00:22:42.640 --> 00:23:02.160 Web from so Nicola. Like the Travai, the type of core long term 182 00:23:02.279 --> 00:23:07.759 a core term, the present plan tabarole fed that nearly sank with the films 183 00:23:07.759 --> 00:23:12.119 except in Premier Canada. Pasco to name is par regular MOUNTI allowed the Expremela 184 00:23:12.200 --> 00:23:17.519 frustration, the carrat minon, the Canno, the vo, the favor power 185 00:23:18.119 --> 00:23:25.039 for Stebizili Pro Canada, a shroller, por Wulf Pasque wulf on t Clerk 186 00:23:25.079 --> 00:23:30.519 you already Muzuki is re price, pivet Bizi Pro Canada, Pascal Weekend, 187 00:23:30.759 --> 00:23:38.839 Conrad peer jam to not come prac Pepa ferd Miraq Maliantanas composed this gest It 188 00:23:40.000 --> 00:23:45.640 is just called Cricky Voyion, Pascal Sepocampa Pe Time, Stebi Zilla and Fla, 189 00:23:47.480 --> 00:23:53.559 Stebizili pri Di An Canada, Ravaiki Pran so many Prosian More of who 190 00:23:53.799 --> 00:24:00.359 did the nike Kisamla bon Rex, mister CD of the Constant, the f 191 00:24:00.920 --> 00:24:10.240 shows about Yeah convevoir, the zip cisted the Lisa markis val so Van there 192 00:24:10.359 --> 00:24:11.920 is a mark of saving on the parly. It's called the conduit. All 193 00:24:11.960 --> 00:24:17.039 the man lady mount on the parader, then the plus for mass set a 194 00:24:18.200 --> 00:24:25.599 connappily Larry for example plus and in medicine if he dones if man like Conquurence 195 00:24:25.720 --> 00:24:33.960 Pasco lad seven for example, the the P and the gnat the champage Spans 196 00:24:33.200 --> 00:24:44.240 dvdwanced or Gulden March Britannic ld mar On the trois Canada controlled Marcis dance Mike 197 00:24:44.319 --> 00:24:48.160 like mayor Fasson. The step is really pre le Rio Canada. So le 198 00:24:48.279 --> 00:24:55.000 mote see that one and it's like conquurancek P robust the exact Thomas can part 199 00:24:55.759 --> 00:25:03.519 this simply fair shows readily Kennedy un shows lis This then shows the tip. 200 00:25:03.319 --> 00:25:12.079 Can don it this ut seem example on the view can the concurrence of image? 201 00:25:12.079 --> 00:25:18.640 Now do MeV the maanded for national company, the such form machine the 202 00:25:18.440 --> 00:25:23.920 tue complex dus MA or not accorded the name of the review your set famous 203 00:25:25.680 --> 00:25:33.680 SUSI look on the leaf repet review son avan card solula concurrence if mams the 204 00:25:33.720 --> 00:25:40.359 review see Pratty Clark so anti compete safe conant commercial come on spar and its 205 00:25:40.880 --> 00:25:45.759 three Yeah, yeah, this is the who does commercial book is in the 206 00:25:45.839 --> 00:25:56.319 permit pot about the compete c C and sausage. May Fastney and Can President 207 00:25:56.920 --> 00:26:07.319 said, the poly part the position that is present reforming a continuity alive. 208 00:26:07.960 --> 00:26:18.759 Look at the concuit for Lippirie of a continent the pratzi. He's problem met 209 00:26:18.799 --> 00:26:27.880 sic for example, that the quality not two debut MEVA continuits, abaasc le 210 00:26:29.960 --> 00:26:38.519 compact Mede grass continuent with the exactly what's offer, Ryan pat Hi, Minister 211 00:26:38.599 --> 00:26:42.759 Freeland, Brian with Bloomberg, Brian Bloomberg, I wanted to ask about this. 212 00:26:44.240 --> 00:26:48.039 I wanted to ask about the short term rentals piece. You said you're 213 00:26:48.039 --> 00:26:52.039 looking at all federal all tools and options available to the federal government, and 214 00:26:52.119 --> 00:26:56.279 looking at how to ensure more short term rentals are made available as long term. 215 00:26:56.680 --> 00:27:00.039 But that seems like something that is pretty squarely up to the provinces. 216 00:27:00.359 --> 00:27:04.640 So is there anything directly any direct federal tools you're looking at here, tax 217 00:27:04.759 --> 00:27:10.279 treatment or mortgage rules or is this all about putting conditions on federal funding to 218 00:27:10.359 --> 00:27:17.839 provinces. Thanks for the question and thanks for noticing I do think the action 219 00:27:18.119 --> 00:27:23.880 BC has taken is very important, and you are quite right that this is 220 00:27:25.000 --> 00:27:33.680 an area of provincial jurisdiction, but it is so important that we are examining 221 00:27:33.319 --> 00:27:41.119 whether there are any tools in the federal jurisdiction that we could use that would 222 00:27:41.119 --> 00:27:45.759 make a difference in this space. And the reason we're so focused on it 223 00:27:45.519 --> 00:27:53.519 is we really do understand that housing is a very challenging issue for Canadians and 224 00:27:56.039 --> 00:28:03.880 we believe that the core challenge is there just aren't enough homes available for people 225 00:28:03.000 --> 00:28:07.759 to buy or for people to rent. And so we're kind of, you 226 00:28:07.880 --> 00:28:12.079 know, reviewing the space, and we're thinking what can we do both in 227 00:28:12.160 --> 00:28:18.440 the medium term and immediately to relieve some of the pressure. The medium term 228 00:28:18.559 --> 00:28:26.079 measures we've been talking about lifting the GST on purpose built rental, which is 229 00:28:26.279 --> 00:28:30.480 in Bill C fifty six that Franzwafa Liep has been talking about, and I'd 230 00:28:30.559 --> 00:28:34.480 like to take this opportunity to encourage all parties to support that measure. You 231 00:28:34.559 --> 00:28:41.440 know, it has been you know, widely widely supported in Canada. The 232 00:28:41.519 --> 00:28:42.920 fact that we put that on the table, and I think there was a 233 00:28:42.960 --> 00:28:48.559 story in the Globe and Mail yesterday saying that people are already seeing more purpose 234 00:28:48.599 --> 00:28:52.359 built rental being built because of that measure, that is a very good thing. 235 00:28:53.200 --> 00:28:59.039 But even if people you know, started building the day after the PM 236 00:28:59.119 --> 00:29:02.599 announced it in London, Ontario, it takes a while for those new apartments 237 00:29:02.640 --> 00:29:06.039 to be built. So we are looking around and are saying, what can 238 00:29:06.119 --> 00:29:11.000 we do right away that makes more homes available for Canadians and the short term 239 00:29:11.079 --> 00:29:15.839 rental is one of those spaces. Some estimates that I've seen suggest that in 240 00:29:15.960 --> 00:29:23.359 Toronto, Montreal and Vancouver alone you could get up to thirty thousand more units 241 00:29:23.519 --> 00:29:30.519 available right away for people. So that would make a big difference. And 242 00:29:30.200 --> 00:29:37.400 that's why, recognizing as we do that this is within provincial jurisdiction, we 243 00:29:37.519 --> 00:29:42.160 are taking a very careful look at whether there are any tools in the federal 244 00:29:42.240 --> 00:29:48.240 toolbox we could use as well. But if other provinces want to follow VC's 245 00:29:48.359 --> 00:29:56.119 lead, that would be great for Canadians. To varie b the sup the 246 00:29:56.200 --> 00:30:04.000 saucepan scama, uh, your primumnist lugu comes some Minister Robert, this is 247 00:30:04.079 --> 00:30:14.480 my la Quebec. Androis the compass and what the gerantis. As usual, 248 00:30:14.640 --> 00:30:23.920 you'll pray to Quebec programme Premier mont mont College not a college. Minister Land 249 00:30:25.720 --> 00:30:37.759 Travai sur uh a uh la park on a disputeste Laosi and dicabinu a jeboc 250 00:30:38.000 --> 00:30:48.160 the conscience come to servan on Minister Land the uh cove la bonvois concern now 251 00:30:48.240 --> 00:30:57.680 lo quebec japons cannot covert no more a demntre uh please your moment prove the 252 00:30:57.839 --> 00:31:04.839 lebon so lucent Portlo Canada a port look back on la fe avec legerie du 253 00:31:04.920 --> 00:31:17.079 peen France on a just conclude you know concern l logement juh uh judesque u 254 00:31:17.759 --> 00:31:26.960 j treuvan a lemnist Gerard uh to les A federal provincial Francois Felippe uh uh 255 00:31:27.200 --> 00:31:34.039 a t C. Moir on a fe in Grand industrism on North boart In 256 00:31:34.200 --> 00:31:44.680 investis mont Federal provincial j prem Ministre fier de sactism don't list wear u q 257 00:31:44.839 --> 00:31:53.880 beck Sesta may Lulu Grand invest St Investi, Lu federrad lu federral uh new 258 00:31:53.960 --> 00:32:12.799 Contra and treve loqucn vont de Montre could Greg Quinn, good afternoon, mister 259 00:32:12.880 --> 00:32:16.720 Freeland. At IMF meetings last week, you were there and staff economists urged 260 00:32:16.720 --> 00:32:20.680 center banks and make sure they don't lower interest rates too soon, to make 261 00:32:20.720 --> 00:32:24.480 sure soborn inflation doesn't take hold. Is that global backdrop going to make your 262 00:32:24.519 --> 00:32:29.039 own domestic commitments more difficult when it comes to, you know, setting conditions 263 00:32:29.079 --> 00:32:34.680 for lower boring costs for families, or even maintaining fiscal responsibility. Yeah, 264 00:32:34.799 --> 00:32:39.400 thanks for the question. I was hoping someone would ask about the IMF World 265 00:32:39.519 --> 00:32:46.079 Bank meetings and I'll tell you, guys why Because in the IMF World Economic 266 00:32:46.240 --> 00:32:52.960 Outlook that was published last Tuesday, I hope that every financial and economic journalist 267 00:32:53.079 --> 00:33:00.359 will turn to page one hundred and thirty two uh with which I actually carry 268 00:33:00.400 --> 00:33:04.319 it in my notebook with me and I look at it a few times every 269 00:33:04.400 --> 00:33:10.039 day, because that is the comparative table of the debt and deficit positions of 270 00:33:10.200 --> 00:33:15.319 the major industrialized economies. Not published by the Government of Canada. This is 271 00:33:15.359 --> 00:33:19.480 published by the IMF. And when you look at that table, as I 272 00:33:19.599 --> 00:33:22.119 hope you will all do as soon as this press conference is over, I 273 00:33:22.200 --> 00:33:25.880 think you will see that Canada is the leader of the pack, certainly the 274 00:33:27.000 --> 00:33:30.480 leader of the pack of the G seven by a long way. And I 275 00:33:30.680 --> 00:33:37.039 emphasize that because you know, as Anita was saying, we recognize that fiscal 276 00:33:37.160 --> 00:33:45.559 responsibility is important for Canadians. I think culturally it's something we care about, 277 00:33:45.720 --> 00:33:52.079 maybe more than people in other countries. And looking at that table, I 278 00:33:52.240 --> 00:33:58.759 think should provide some very important reassurance to Canadians that we are in a good 279 00:33:58.839 --> 00:34:06.839 place. Now. As to your question, look, my own view, 280 00:34:07.319 --> 00:34:10.159 which Frank Swaffleep and Anita have been talking about, you know, from different 281 00:34:10.199 --> 00:34:19.280 aspects, is these are tough times for Canadians. They are tough times in 282 00:34:19.400 --> 00:34:22.320 the lives of Canadians. And you know, when we go home to our 283 00:34:22.400 --> 00:34:29.199 writings, what do we hear is challenging for Canadians, And I think all 284 00:34:29.280 --> 00:34:35.000 of us hear versions of the same thing. That things cost a lot. 285 00:34:35.559 --> 00:34:42.199 So prices are a concern for people. And the impact of interest rates, 286 00:34:42.559 --> 00:34:49.000 which regular Canadians feel most through their mortgages, is the other big pressure. 287 00:34:49.840 --> 00:34:54.280 And that's why I spoke about action that we are taking to ensure that Canadians 288 00:34:54.440 --> 00:35:01.519 are treated fairly, that banks financial institution leave all put all the right options 289 00:35:01.599 --> 00:35:04.960 on the table for them and don't take advantage of them. So I think 290 00:35:05.000 --> 00:35:10.920 those are the two pressures. Prices, mortgages, our government recognizes one hundred 291 00:35:10.920 --> 00:35:17.199 percent the independence of the Bank of Canada. That is foundational for the strength 292 00:35:17.239 --> 00:35:22.480 of Canada's economy, it's foundational for our triple A rating. What we also 293 00:35:22.639 --> 00:35:30.039 recognize is what we need to do as a federal government is use all the 294 00:35:30.159 --> 00:35:37.440 tools in our toolbox to help stabilize prices, because we know that once prices 295 00:35:37.599 --> 00:35:43.000 are stabilized, then that will create the conditions that allow the Bank of Canada 296 00:35:43.199 --> 00:35:49.320 to move from the current position of interest rates, which are intentionally contractionary, 297 00:35:49.960 --> 00:35:57.079 to a more neutral position. So that's really our focus. Yeah, go 298 00:35:57.119 --> 00:36:02.719 ahead, go ahead and dayah. So in my previous life before becoming Member 299 00:36:02.760 --> 00:36:08.119 of Parliament, I taught corporate and securities law for about twenty five years and 300 00:36:08.280 --> 00:36:15.800 did a lot of work relating to the ombudsmen for banking services and investment that 301 00:36:15.079 --> 00:36:22.679 Christia spoke about today, And I want to say that what she announced relating 302 00:36:22.840 --> 00:36:31.880 to the work of ABSY going forward is significant because now ABSI is going to 303 00:36:32.000 --> 00:36:39.960 have an additional purpose and role relating to affordability issues that are at the very 304 00:36:40.159 --> 00:36:49.519 heart of our economy and families way of coping in these economic times. And 305 00:36:49.679 --> 00:36:55.840 so I am very pleased to see additional roles and responsibilities being given to ABSI 306 00:36:57.400 --> 00:37:04.679 at this time as an in dependent, an impartial body that will be able 307 00:37:04.800 --> 00:37:10.440 to examine affordability issues that are affecting the middle class and Canadians generally, so 308 00:37:10.599 --> 00:37:17.360 that that we can have another voice speaking on their behalf. Just about out 309 00:37:17.400 --> 00:37:27.519 of time, So this has to be our last question. Michelle Saba Wells 310 00:37:27.559 --> 00:37:47.599 web on a musics economic uh a on la discute avec nos homologue all uh 311 00:37:51.320 --> 00:38:08.559 duhon international la posada uh mentor on continue dove where the constructive conversation other last 312 00:38:08.679 --> 00:38:15.599 as you need a la secrets it as you need madame yell and a son 313 00:38:15.639 --> 00:38:29.360 a kid for look ada uh pour on pred trouve in solution uh are that 314 00:38:29.719 --> 00:38:39.920 novo uh and continue trave may not propose this passion That concludes to the press 315 00:38:39.920 --> 00:39:00.880 conference m H next door. Yeah all right, akay, final thoughts, 316 00:39:01.199 --> 00:39:10.679 Let's get real one. We don't actually know what is the measuring stick that 317 00:39:12.920 --> 00:39:21.000 the government is using to determine what is affordable and what is not affordable. 318 00:39:22.039 --> 00:39:30.280 When we consider that where our studio is in Surrey, BC, the gvr 319 00:39:30.440 --> 00:39:38.800 D where the Greater Vancouver District is listed as one of the most affordable unaffordable 320 00:39:38.920 --> 00:39:46.440 places to live in the world. Matter of fact, to narrow down a 321 00:39:46.480 --> 00:39:52.000 little bit further, and I'm gonna leave it, leave this particular statistic that 322 00:39:52.599 --> 00:40:00.000 we're in the top ten of the most unaffordable places to live in the world. 323 00:40:04.880 --> 00:40:13.239 That's saying something about the Canadian economy in general that when we consider that 324 00:40:14.719 --> 00:40:21.639 one of the top ten most unaffordable places in the world exist within the Canadian 325 00:40:21.760 --> 00:40:32.480 borders, that's pretty a pretty interesting thought. We keep hearing about we need 326 00:40:32.639 --> 00:40:39.039 affordable housing because affordable housing is going to help in the homeless problem. Well, 327 00:40:40.559 --> 00:40:50.920 again, what is the measuring stick for affordable When we consider that the 328 00:40:51.039 --> 00:40:58.239 average young person, it may take them almost fifteen to twenty years just to 329 00:40:58.320 --> 00:41:00.960 save up a down payment for them to be able to buy their first home, 330 00:41:02.719 --> 00:41:13.159 which with on the average mortgage is a thirty year mortgage. Wow, 331 00:41:14.280 --> 00:41:22.119 so you have to be retired before you can make that final payment on your 332 00:41:22.960 --> 00:41:30.199 your first home that you bought. Kind of interesting. There's a lot of 333 00:41:30.280 --> 00:41:38.039 things out there that with the rates of inflation and fuel and food cost which, 334 00:41:38.119 --> 00:41:47.079 by the way, the raised prices in fuel is actually feeding the higher 335 00:41:47.400 --> 00:41:54.719 the higher cost of food because hey, it's got to get trucked from one 336 00:41:54.800 --> 00:42:00.760 place to the other. The farmers need the fuel in order to harvest the 337 00:42:02.880 --> 00:42:13.199 crops. So it at each and every process where there is a machine involved, 338 00:42:13.239 --> 00:42:22.119 there's fuel involved, and that costs more money. So there's a lot 339 00:42:22.280 --> 00:42:30.440 going on and we need to figure figure it all out. What does affordable 340 00:42:30.599 --> 00:42:37.440 mean? What kind of programs is the government really putting in place to make 341 00:42:37.639 --> 00:42:47.360 our lives more affordable and maybe even lower some taxes. So just some thoughts 342 00:42:47.599 --> 00:42:59.639 about what is happening with the economy versus inflation and livability so that we all 343 00:42:59.719 --> 00:43:06.639 can put some food in her tummies and have a warm home to live in. 344 00:43:07.599 --> 00:43:10.159 Thank you for listening today. You've been listening to policy and rates here 345 00:43:10.199 --> 00:43:15.719 in Depictions Media Radio. Please find that subscribe button wherever you are and write 346 00:43:15.800 --> 00:43:22.199 letters to your government officials and tell them how affordable unaffordable your life is. 347 00:43:22.079 --> 00:44:05.760 If it is unaffordable, let them know. The show has been produced by 348 00:44:05.920 --> 00:44:12.639 Depictions Media. Please contact us at depictions dot media for more information.