Through their failure to invest in Saskatchewan people and Saskatchewan jobs, the Sask. Party government has left homeowners struggling when it comes to meeting their mortgage payments. According to a recent report released by the Canadian Bankers Association, Saskatchewan has the highest rate of people who are behind on their mortgages.
“We’ve now climbed to three times the national average. That speaks to a lot of stress and heartache for families who are struggling to pay their bills,” said NDP Housing Critic Nicole Rancourt. “Instead of providing opportunities for economic growth and an increase in wages, the Sask. Party has cut funding to job creation programs and refused to raise the minimum wage to $15 per hour. They are holding Saskatchewan residents back.”
Saskatchewan’s percentage of mortgages that are in arrears is 0.78 per cent, over three times the Canadian average of 0.23 per cent. Manitoba and B.C. are much lower than Saskatchewan, sitting at 0.33 per cent and 0.15 per cent respectively. The last time Saskatchewan’s numbers were this high was in November 1992, shortly after Grant Devine was swept from office.
“Just like 26 years ago, someone is going to have to come in and clean up this mess and get things back on track,” said NDP Finance Critic Trent Wotherspoon. “Homeowners and families are struggling, and so many of the Sask. Party’s choices are making matters worse. New Democrats will continue to stand up for people and work to create jobs and build our economy.”
Further underscoring the pain homeowners are feeling, a response to a written question submitted by the NDP has revealed that the number of notices of intention of home foreclosures in Saskatchewan has increased 204 per cent in the last decade, climbing from 392 notices in 2008 to 1,192 in 2017. If the trend for the first three months of 2018 holds, there will be 1,788 foreclosures in 2018.