The House of Commons Finance Committee voted down a motion to question the finance minister over looming impacts of interest rates on mortgage renewals, according to Blacklock’s Reporter. .“I am very concerned about what is going to happen in the fall,” Conservative MP Adam Chambers (Simcoe North, ON) told the Commons Finance Committee. .“We are not paying close enough attention to what is happening in the mortgage market.”.Chambers said he is “very concerned about what is going to happen in the fall when people continue to renew mortgages every month at a much, much higher rate.”.He acknowledged mortgages are up about 137%. When people are renewing mortgages, which has happened every month for the last six months, they have seen massive increases..Chambers’ motion asked Finance Minister Chrystia Freeland to appear for questioning by month’s end. The Commons Finance Committee rejected his motion by a 6-4 vote, with Liberal and NDP MPs opposed. .Liberal MP Julie Dzerowicz (Davenport, ON) said the Canadian government is thinking about this every day. .“We will continue to be listening to Canadians,” said Dzerowicz. .“We will continue to be open to all the best ideas.”.Bloc Quebecois MP Gabriel Ste-Marie (Joliette, QC) supported the motion, saying he was alarmed by rising consumer bankruptcies. Ste-Marie called this “an emergency.”.“We need to know what the government intends to do,” said Ste-Marie. .Bank of Canada (BOC) Governor Tiff Macklem said on July 13 interest rates will remain high until 2024 — the highest they have been in 22 years. .READ MORE: Surging food costs surprised Bank of Canada, interest rate hits 5% .Macklem said high grocery prices surprised him. The BOC increased its key rate on interbank loans by 25 points to 5%. .“Inflationary pressures are proving more persistent,” said Macklem.
