Thank you very much, Julie. It is always a pleasure for me to work with my friend, Julie Dabrusin. Our ridings neighbour each other in Toronto, we work together a lot in Ottawa, and we also work together a lot here in this wonderful city we both have the privilege of representing.
I would first like to acknowledge that we are gathered on the traditional territories of many nations, including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee, and the Wendat peoples.
And I am so glad to be here today at Rabba Fine Foods-here in our wonderful city of Toronto.
Anyone who lives in Toronto knows that Rabba is a 24/7 cornerstone of our city-and of communities across the GTA-and it is local grocery stores like this one, from coast to coast to coast, that are so important to so many millions of families.
So I really would like to thank Jack Rabba, Rick Rabba, and Rima Rabba, for their very warm hospitality. We had a wonderful, very moving conversation just a minute ago, and they talked about their family's story-and their family's contribution to our country and our community.
So, thank you, Rabba family. You are a real inspiration and a real example of the huge contribution that immigrants and immigrant families make to our amazing country.
I am really grateful to the team here on Front Street for your very hard work, every single day.
I want to begin by highlighting a few important points about where the Canadian economy is today-and about what it means for Canadians.
Canada had the strongest economic growth in the G7 over the course of 2022, and our real GDP expanded by 3.1 per cent in the first quarter of 2023. Nearly 900,000 more Canadians are working today than when COVID first hit, and we have now recovered 128 per cent of the jobs that were lost in the first months of the pandemic-compared to just 117 per cent in the United States. A strong economy with an abundance of good-paying jobs: that is good news for Canadian workers, and it is good for families from coast to coast to coast.
Inflation in Canada fell to 3.4 per cent in May-down from 4.4 per cent in April, and down from a high of 8.1 per cent last June.
Inflation in Canada today is lower than in the United States where it is at 4 per cent, lower than France where inflation is at 5.1 per cent, lower than Germany where inflation is at 6.1 per cent, lower than Italy at 7.6 per cent, and lower than the United Kingdom at 8.7 per cent.
Our plan is fiscally responsible-and it is working. While we are not there yet, Canada is close to the Bank of Canada's inflation target range.
Inflation is the lowest it has been in nearly two years-and I know that is truly welcome news for Canadians from coast to coast to coast.
But I also know that this continues to be a challenging time for many of our friends and neighbours.
And that's why I came here today, with my good friend Julie, to announce that the new Grocery Rebate will be arriving in the bank accounts and mailboxes of 11 million Canadians and Canadian families-starting today!
For an eligible couple with two children, the Grocery Rebate will provide up to an extra $467.
For an average eligible senior, it will mean an extra $225. And for an eligible single Canadian without children, the Grocery Rebate will provide up to an extra $234.
Now, I know that will not make up for all of the impacts of inflation that Canadians have felt.
But for those who need help the most-for our most vulnerable neighbours here in Toronto, and for millions of Canadians across the country-the Grocery Rebate will provide some important breathing space at a time when people really need it.
I also want to speak briefly today about new support for Canadians with mortgages.
In our spring budget, we announced that the Financial Consumer Agency of Canada would be publishing a code of conduct to protect Canadians with mortgages at a time of elevated interest rates.
Today, the FCAC published a guideline which details the support that banks and other financial institutions should be providing to Canadians who are struggling with rising mortgage payments.
Specific mortgage relief measures could include:
- Waiving prepayment penalties;
- Not charging interest on interest; and
- Waiving internal fees and costs, such as mortgage renewal fees and internal costs associated with late payments.
The guideline published today is intended to protect Canadians by ensuring their financial institutions treat them fairly and provide them with the tailored mortgage relief they need-all with the goal of helping Canadians who are really struggling to manage their mortgages receive the support they need.
Before I close, I just want to offer a final thought for Canadians.
I know that, for millions of Canadians, the past few years have been really challenging.
We've been through a global pandemic, the deepest recession since the Great Depression, and then a surge of inflation caused by the pandemic and Vladimir Putin's illegal invasion of Ukraine.
But, we are getting through this difficult time.
Inflation is coming down, and we are building an economy that will continue to grow and create great careers for people in communities right across our country.
We have the remarkable good fortune to live in the greatest country in the world, and I am incredibly optimistic about what the years to come will mean for Canadians.
So, thank you very much, and I am happy to answer your questions.
