Nelson: Trudeau hits peak panic with halal mortgage scheme

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Panic is disturbing to witness.

We’re getting an eyeful these days courtesy of Prime Minister Justin Trudeau’s regime, one that has moved beyond arrogance, through confusion, to now stand on the verge of outright political hysteria.

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Last week’s federal budget was a shipwreck of Titanic proportions. Nothing made sense: all was virtue-signalling tied at the hip to massive, never-ending borrowing, with the only certainty being an ability to further divide Canadians.

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The piece de resistance of this sorry budgetary shebang was the bizarre announcement we’re now looking at ways to expand halal mortgages by taking them mainstream.

Of course, this is presented as some grandiose measure to ensure Muslims get equal access to financial products, thereby allowing them to buy homes more easily. This is sold as inclusivity, a ruse often proven enough to stop pertinent questions about similar past promises. But time’s up on that callous political ploy.

There are already financial products that work around the Islamic restriction regarding interest on loans — witness the countless Muslim families living in homes across Canada.

So what’ll change? We have no clue. The details — oh, those annoying details — will be worked out with various financial institutions down the road. Sympathy for bankers is in short supply, but those expected to square this circle are deserving of a copious slice.

Will there be separate mortgage arrangements for potential homeowners of one faith not available to other Canadians of a different persuasion, as well as those who believe in no particular God whatsoever?

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Or will everyone qualify for such a future product, if indeed it seems a better deal than the usual mortgage now on offer? Or will they need to convert to Islam first? A big step, no doubt, but when it comes to shelter costs we aren’t talking chump change.

The ramifications don’t stop there. Imagine you’re a Mormon or a Hindu and your bank tells you there’s no halal deal for you. Even a wet-behind-the-ears lawyer could win any resulting Charter suit on religious discrimination grounds.

If the halal mortgages are available carte blanche and actually save Canadians money, then the whole multibillion-dollar financial industry built upon current lending practices will come crashing to the ground, as everyone bails when it’s time to renew a traditional loan and instead takes on this new format.

The biggest asset class in our country by a country mile would be upended, resulting in who knows what financial mayhem. But trust Trudeau, those little details will be worked out later.

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This is where panic leads. It isn’t that the outcomes are questionable, they simply aren’t even considered. A drowning man will grasp at any straw when going under and the Grits are sinking fast.

It’s the current housing crisis that’s finally tagged him — one of his government’s own making with the ludicrous loose financial and monetary regimes it fostered, allied to the massive amount of immigrants, refugees, overseas students and guest workers allowed into Canada in such a short period of time with no place to call home.

So now we want more religion-based mortgages, along with former post offices refurbished for housing projects and bribes to every municipality across the land if they’ll allow multi-occupancy buildings erected in single-family residential neighbourhoods. (Calgarians know all about that last one.)

And the taps are being belatedly tightened on incoming students and foreign workers, while there’s a further two-year ban imposed on foreigners buying property.

We’ve gone from open season to closed shop almost overnight, with no thought about the consequences. (Many Canadians own property in other countries, so perhaps there’ll be some tit for tat coming their way soon.)

There is no plan. Maybe there never was with this government. Regardless, the chickens are finally saying hello to the roost.

Panic is always disturbing. But for Canadians what follows will be worse: cleaning up the mess.

Chris Nelson is a regular columnist.

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