Video: popular choice for Conservative leader Pierre Poilievre on #JustinFlation and the “housing bubble”
On the day Conservative MPs kicked out Erin O’Toole, one name stood out as a popular choice for next leader of their party.
It’s Pierre Poilievre.
Brian Lilley of the Toronto Sun wrote on February 2 that the long-time MP for the Ontario riding of Carleton is the “man to beat”.
That is if Poilievre “wants it”.
Tristin Hopper of the National Post referred to the “slick-haired, 42-year-old, Alberta-born MP” as no less than the “people’s favourite”.
Currently back in his old role as Opposition critic for finance, Poilievre has been paying a lot of attention on the Canadian housing situation.
For example, on January 17, 2022, the Conservative MP released a statement citing a report by the Canadian Real Estate Association.
The said CREA report showed that housing prices increased by a “staggering” 26.6 percent by just one year at the end of 2021.
“When Justin Trudeau took power,” Poilievre said about the federal Liberal prime minister, “the typical home cost $434,500 versus the present $811,700—over 85 per cent inflation in six years, while the real incomes used to buy homes have been flat.”
He explained that house prices have increased as a result of the $400 billion that the federal government pumped into the financial market since 2020.
This is a monetary policy called quantitative easing, which simply means a central bank goes out to buy securities in the open market, thereby increasing money supply.
Poilievre said that much of this money was “lent out in risky variable-rate mortgages at interest rates well below inflation”.
“Housing prices are ballooning. Here and now. Under this government. That’s #JustinFlation,” Poilievre said in his statement.
In one of the videos on the Conservative MP’s YouTube channel, Poilievre posed an important question about Canadian housing prices on the floor of the House of Commons.
“Why is this incredible bubble filling with air?” he asked.
It’s a demonstration of what the Conservative MP says is a lesson that trickle-down economics does not work.
Watch here how Poilievre explains.