Interest rates are at a record high, gas prices continue to rise and the overall cost of living continues to increase making life more challenging for everyday Canadians.
Kenora MP, Eric Melillo, was recently on the QMorning show to express his concern for the rising costs, “The cost of living has been nearing record highs for some time now and it's not showing any sign of slowing down.”
“With the government continuing to spend recklessly and with interest rates rising, this is going to be a very difficult time for some people.”
It was recently shared that inflation rates continued to rise in the month of March bringing it to a 30-year high of 6.7 per cent.
“My biggest reservations with the latest federal budget were that there really was no plan to tackle the big issues that are on the top of everyone's mind.”
The federal government unveiled its 2022 Federal Budget on April 7, and overall, Canada’s deficit is expected to drop to $113.8 billion. That’s an improvement over previous projections, where the 2022 deficit was expected to be about $154 billion as of the 2021 budget. Deficits are expected to drop to $52 billion by 2023 and to about $8 billion by 2027.
“Housing continues to be out of reach for many and the prices of gas and groceries are really stretching families thin. All the evidence is pointing towards things getting worse before they get better,” he continued.
Since last year, the average gas price for Kenora has risen by 52.0 cents.
The Canadian Real Estate Association said in a February report that the average price of a home in Ontario was at a record-high $1,086,493, an increase of 25.8 per cent from February of 2021.
In Kenora, the average price in 2022 for an entry-level two or three-bedroom family home is between $275,000-and $300,000.
Melillo concluded “It’s time that the government takes these issues seriously and they bring forward a plan to manage them. The opposition and I are going to continue to raise these concerns and bring forward solutions.”