John Manley joins BNN Bloomberg to share his big takeaways from the federal Fall Fiscal Update.

He says that fiscal guardrails are useful—if governments keep their spending within the boundaries. Right now however, the federal government is planning to spend more on servicing the debt than they are going to spend on health care. "That's a pretty telling figure."

John also talked about how Canada's housing shortage intensified for years and won't be solved overnight. And it now faces the added pressure of record levels of immigration. "We're adding people faster than we're building housing and other services to meet the needs of an increasing number of households." He says he likes that the federal government is now shifting its focus from the demand side to the supply side of housing.