Juno News - June 23, 2026


Carney hands out BILLIONS in bailouts to condo developers


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Length

16 minutes

Words per minute

180.94

Word count

3,020

Sentence count

86

Harmful content

Toxicity

8

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Hate speech

14

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Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Could the City of Toronto be next for developers getting a taxpayer-funded condo bailout? Well, it s possible. The Carney government is facing some backlash after bailing out condo developers in Vancouver. We talk to Dan McTague, President of Canadians for Affordable Energy and former Liberal Member of Parliament, about the possibility of a similar move in Toronto.

Transcript

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Could the City of Toronto be next for developers getting a taxpayer-funded condo bailout?
00:00:10.220 Well, it's possible.
00:00:11.520 The Carney government is facing some backlash after bailing out condo developers in Vancouver.
00:00:18.180 Those developers were stuck with 2,200 empty, overpriced condos.
00:00:23.120 The business interests, who also happen to be supporters of Mark Carney, are getting a $3.2 billion bailout courtesy of Canadian taxpayers.
00:00:34.100 The Prime Minister claims it's all about affordable housing, but the leader of the Conservative Party, Pierre Polyev, is not buying it.
00:00:42.280 Developers do not want to lose money.
00:00:44.520 all right well they may they took a risk they decided they wanted to build those condos at a
00:00:51.780 time that we were in a housing bubble but now they're selling those houses in those homes at
00:00:58.060 a time when the housing bubble has burst so the risk did not pay off and they would lose money
00:01:05.420 well somebody's going to lose money here because if the house the condo goes from expensive
00:01:12.500 to less expensive, who's going to pay the difference? Well, Mark Carney wants you,
00:01:18.780 the taxpayer who's struggling with mortgage payments, grocery bills, and high gas prices
00:01:23.640 to pay those losses instead of the developers who took the risk in the first place. He wants to
00:01:31.680 privatize the profit and socialize the losses. In other words, make you pay the price. This is a
00:01:39.640 transfer of wealth by Mark Carney. It is a transfer of wealth from the have-nots to the
00:01:47.020 have-yachts whom Mark Carney wants to bail out. A similar bailout in Toronto could be twice as much
00:01:53.860 for taxpayers. The other economic news is inflation. It's been up. It was up in May to 3.2%.
00:02:00.900 That was due mainly to higher gas prices. Our guest today is Dan McTague, President of
00:02:07.500 Canadians for Affordable Energy and former Liberal Member of Parliament, spent 18 years
00:02:12.740 on the Hill. Dan, welcome to the show. Good to be here, Mark. Thank you.
00:02:17.040 Okay, let's talk a little bit about this bailout of less and whether or not it could happen in
00:02:21.480 Toronto. According to one source, there are almost 4,300 newly completed but unsold condo units
00:02:28.440 waiting to get confirmation on that number, and that's just in the GTA Hamilton area,
00:02:33.360 And that's a record high, more than double the level from just a year earlier.
00:02:38.200 We saw what happened in Vancouver with a $3.2 billion bailout of developers left holding the bag for a number of condos that they just couldn't sell because they didn't want to lose money.
00:02:51.840 And the prime minister came out and said, oh, we'll help you out.
00:02:54.560 Picked up the tab.
00:02:56.500 Is it possible that we may see the same thing in the GTA?
00:03:00.060 I think it's definitely going to happen especially as we know the mainstream media isn't covering this and that's hardly a shocker given that they received bailouts themselves but this is a more serious attempt at trying to paper over a real crisis, a crisis not just in terms of people who speculated but more importantly in a complete collapse in confidence in the very thing that most Canadians have tried to work for.
00:03:26.520 obviously prices went to the roof we saw the danger of migration uh excessive inflation
00:03:31.760 created by handouts during covid all these things are now coming back to bite us and what the
00:03:36.720 federal government's answer is everything uh that uh you know most social actors ask for give it to
00:03:41.980 us make it free you know give us free food give us free dental care give us free housing uh you
00:03:47.160 know it looks a whole lot like uh what you would find of the five-year plans in soviet russia in
00:03:53.800 of a century ago than you would Canada that was once prided itself on affordability,
00:03:59.700 worked towards those kind of things, made sure that the cost of everything was in line with what
00:04:04.740 people could possibly buy and costs wouldn't go through the roof. But we've created a real
00:04:10.560 problem here. And to close the Pandora's box, we're willing to spend billions more to buy and
00:04:15.280 bail out condo owners who frankly shouldn't have been in the position of trying to address a
00:04:20.280 speculative bubble which is now completely burst with Canadians holding the bag yeah I mean we're
00:04:25.080 looking at say 2200 or so condos in Vancouver and I mean there's double that in Toronto so
00:04:36.340 I mean it stands to reason and I realize that there are variances here in the housing values
00:04:42.960 but if it was 3.2 billion bailout Vancouver then it could very well be double that to bail out the
00:04:49.920 GTA. I mean, this is setting quite a precedent here. And unfortunately, it really looks like the
00:04:56.580 prime minister is bailing out friends of the Liberal Party, people that he knew. And they
00:05:02.520 came to him and said, you know, we don't want to lose money. And I mean, to Pierre Polyev's point,
00:05:07.160 yeah, nobody wants to lose money. But these people invested their own capital in order to
00:05:12.240 take a risk roll the dice in you know a pretty frothy market they got burned and it's taxpayers 0.96
00:05:20.540 that are left holding the bag i mean it's absolutely ridiculous it is and it suggests
00:05:27.280 that the federal government believes and those who adhere to this kind of stuff believe the
00:05:31.520 the ability for the government to bail everyone out is is bottomless automotive sector to uh you
00:05:37.420 know to housing now uh and you know media take your pick everyone's got uh everyone's got an
00:05:43.800 angle everyone's got their finger in the pie the problem is the pie has disappeared we don't own
00:05:48.400 what we have uh we have massive debt which the next generation is going to have to burden be
00:05:53.440 burdened with we have inflation going through the roof we've blocked pipelines we've told people not
00:05:57.980 to come to this country don't invest in this country if you want to buy things that you
00:06:01.780 actually truly need oil gas and manufactured products we've discouraged people from wanting
00:06:07.220 to do any business in here and those who are doing business are being told hey if you're part of the
00:06:11.620 favorite group you're losing money don't worry we got your back we'll spend more borrowed money
00:06:18.960 because we're allowed to with a majority an unearned majority as most of us know 0.96
00:06:23.120 and foolish Canadians who were elbows up a year ago are now ankles up and now are prepared to 0.93
00:06:30.460 give the government license to do just about anything it wants forget censorship just ruin 0.99
00:06:35.240 the economy while you're at it. I mean, it sends a terrible message. I mean, to real estate
00:06:40.580 speculators, donate to the Liberal Party of Canada. And if your investment fails, don't worry,
00:06:47.100 we'll pick up the tab. I mean, it's bizarre. He says, well, these condo investors in Vancouver
00:06:54.500 don't want to lose money. Well, all well and good. Why is that the taxpayers problem? You know,
00:07:00.740 why should taxpayers lose money?
00:07:04.200 You know, they're not the ones who invested here.
00:07:06.420 They're not the ones who rolled the dice
00:07:08.980 on an investment that didn't work out.
00:07:12.160 And yet we're the ones having to pick up the tab
00:07:15.040 for their lousy investment. 0.99
00:07:17.100 It's absolutely ridiculous again. 0.98
00:07:20.040 But I mean, he's coming out and saying, 0.93
00:07:23.920 well, this is really about affordable housing.
00:07:26.380 We can take those 2,200 units and get available.
00:07:30.740 people who want why don't they do it what mark why doesn't the why don't the condo owners those who
00:07:35.140 built this why don't they turn them over to rentals why does the federal government have to bail them
00:07:38.100 out no there's something wrong here and there's something very shady with what's going on if those
00:07:43.460 condos are not going to go away then convert them as i'm saying in milton right now there are three
00:07:48.340 major apartments one they sold the rest they couldn't so they converted them they've made
00:07:52.420 them and transitioned them over to rental units that's the way you should go why does the federal 0.71
00:07:57.140 government have to come in and look after people who made some really dumb decisions knowing how
00:08:01.060 you know uh the volatility of this market assuming that the prices would go up forever
00:08:05.780 um you know we've never done this in the past we've always created incentives for people who
00:08:09.940 want to buy for people to want to build but we've never actually gone as far as outright ownership 0.62
00:08:15.380 that's something even cmhc in its wildest most uh proletarian marxist views could ever have
00:08:22.020 imagined i know i worked for the housing minister back two of them actually one in 1981
00:08:27.060 82 83 paul cosgrove when we had 21 interest rates and uh alvin curling later on in 87 88 so
00:08:34.500 you know i know a little bit about housing about subdivisions and i can tell you
00:08:38.260 uh this sets uh an alarming precedent that i think should wake everybody up if you're not doing well
00:08:45.060 right now get the federal government to bail you out but that can only go so far there's only so
00:08:49.540 much mooching the country can afford and right now uh we're in a we're in a recession right now
00:08:55.780 we have a massive debt right now we have a major unemployment problem right now we have people
00:09:01.540 leaving the country i'm not sure how worse it can get before one has to finally throw in the towel
00:09:06.980 and say all right 40 of you out there think nothing's wrong because you likely have government
00:09:10.980 jobs and everything's just fine and dandy and it doesn't matter your country's going to be taken 0.88
00:09:15.460 over by authoritarianism chinese style if not directly with the kind of imports that they're 0.95
00:09:20.660 bringing in it's quite another thing to say you can afford to do these things and right now 1.00
00:09:25.540 I think we're very close and I think we're going to see this this year to financial insolvency
00:09:29.940 as a country and I think that's something that that's an unearned you know label but it's one
00:09:36.260 that we have certainly welcomed and for Canadians who believe the government can do everything and
00:09:40.340 government is everything it can buy everything and do everything good luck with that because there's 0.59
00:09:45.300 the pied pipers going to come and they're going to charge us in it's only a matter of time before 1.00
00:09:48.740 or bond rating agencies step in and say, this is not solvable.
00:09:54.560 This is not viable.
00:09:56.260 And these kind of things are extraordinary steps by government
00:09:59.860 that I think are a step with financial and fiscal reality
00:10:02.780 and the reality of the hardship that they've inflicted on Canadians.
00:10:06.220 Yeah, I mean, if Carney really wanted housing prices to fall
00:10:10.320 to become more affordable, he would let the market correct
00:10:14.160 and let real estate find a bottom.
00:10:16.580 instead he's bailing out the developers and the lenders so what he's doing is essentially trying
00:10:24.640 to reinflate the the bubble the real estate bubble because he knows that you know so many
00:10:30.980 of his voters the elbows up crowd own their own home they don't want to lose value they they don't
00:10:37.100 want to wake up one day and find that their net worth has fallen by you know another 25 30 40 0.96
00:10:43.600 percent because of course then they won't support him and they won't continue to back whatever he's
00:10:50.320 doing and so it seems to me that this is an attempt really to try and keep those housing values
00:10:57.440 at this inflated level which runs counter to the idea that they want affordable housing but there's
00:11:02.640 just no other explanation for this what do you think no and i just want to know how far one's
00:11:08.400 prepared to go in bailing everybody out uh and apparently the uh the ability for governments to
00:11:14.160 do this is simply snap a finger and it can happen um but i'm not sure that uh many people are going
00:11:20.480 to be able to understand the full implications of uh the only thing getting done in a country
00:11:25.680 is one where there's government support and government money being spent if the only thing
00:11:30.000 that's incentivizes uh anything of significance to be developed in canada is a massive amount
00:11:35.840 of taxpayer money well it's a little bit like the next door neighbor's dog having to come to play
00:11:40.800 with the lonely child and the mother has to tie a pork chop around his neck to make it popular
00:11:44.960 the reality is that canada is in a very very serious situation by the way mark i look at a
00:11:50.160 number of numbers here 41 uh pennies to buy a us dollar 42 pennies to buy us dollar the situation
00:11:58.240 is going from bad to worse and no doubt decisions like this which pretend it's still 2015 everything
00:12:05.760 is just fine, belie the fact that Canada is in an economic crunch. And I would hope that people
00:12:11.220 understand to make such an irresponsible undertaking of bailing out developers who
00:12:18.200 have known better that can be easily transferred to the private sector anyways through rentals
00:12:22.900 is about to wreak major havoc on one of the last areas where people could actually say
00:12:29.020 it was worth keeping. Your housing is going to be worth nothing. And as a result, all the debt
00:12:33.480 banks and others have put in maybe brookfield has an angle here maybe brookfield knows some
00:12:37.560 of those condos who knows i'm being cynical but given the massive litany serial conflicts that
00:12:43.480 mark kreining finds himself with and language is used to keep away from it nothing surprises
00:12:48.360 me anymore what surprises me is the extent to which the major networks who are reliable in
00:12:54.760 terms of providing up-to-date information completely ignored this and i don't think
00:12:58.920 it's by a mission it's very much a deliberate because at the end of the day they too are
00:13:04.840 recipients of rift yeah well let's see what doug ford does premier of ontario because in the bc
00:13:11.240 case you had negotiations between the feds and the david evey government in order to facilitate that
00:13:19.320 bailout and uh well let's see if doug ford says yeah me too you know i hope not but you know it's
00:13:27.960 quite possible we'll have to see well it was a peer trudeau who said he can't turn around and
00:13:34.840 be the last uh uh caterer uh you know catering to the wishes of every province and every problem
00:13:41.160 that's out there i mean the country is nearing bankruptcy and we can't continue this and the fact
00:13:47.720 is money of many of these decisions that we find ourselves in today were the result of very poor
00:13:54.360 decisions government policies pursued by canadians and their governments over the past decade and so
00:14:01.720 net zero uh massive immigration dei all of these things are now coming back to uh to haunt us and
00:14:08.760 i think that's one of the main reasons why so many people are now choosing unfortunately to
00:14:13.480 leave the country with the minutes we've got left i do want to ask you about the inflation
00:14:19.560 increase. Now we've seen it go up again. It went up 0.4% to 3.2%. So Canadians are feeling the pinch
00:14:28.340 and whatever measures the government is doing to try and alleviate things and make things more
00:14:32.980 affordable, they're just not buying, they're not playing out, you know, unless you're talking about
00:14:38.000 the odd grocery rebate here. It's just not working. Gas prices continue to take a bite
00:14:45.020 out of a consumer's pocket.
00:14:46.700 Stan, what do you make of this?
00:14:48.700 Well, if the Canadian dollar behaved the way it did in the past
00:14:51.140 when we didn't help people to scram when it came to investing
00:14:53.840 in our oil and gas sectors, we've done for 10 years,
00:14:56.220 and you know you voted for it in many of these cities
00:14:58.380 where I live in Canada and whatnot across the country,
00:15:01.400 the Canadian dollar would be as strong as the U.S. greenback,
00:15:04.040 and you'd be saving 38 cents a litre.
00:15:06.220 You'd be paying less today had we had a petrol loonie
00:15:09.240 than you were when the war started. 0.99
00:15:11.360 My point is simply, there's a cost to being an elbowzo. 1.00
00:15:14.400 you brought this upon yourselves and I I can get as upset as I want but the realities I saw you I 1.00
00:15:19.980 knocked on your door I didn't vote liberal in the last election and I challenged many people in
00:15:24.580 Milton and Burlington and various rights across the country I served that party for 18 years part
00:15:29.880 of it as a privy counselor if I didn't vote for them why the hell were you and there they were
00:15:33.880 elbows up oh it's all Donald Trump this is not Donald Trump this is you this is about people
00:15:38.540 in this country who ignorantly follow the latest recipe and as a result we're now in a situation
00:15:45.000 where we have an inflationary problem the likes of which canada having a lot of energy could have
00:15:49.880 avoided could have been a solution to the world could have created jobs in the world could have
00:15:53.720 financed all of our social programs your hospital your health care etc but no we chose the narrow
00:15:59.520 view of the world let's continue down net zero let's have ev mandates let's have climate bed
00:16:04.420 wedding. You've done this to yourself. Do not blame anybody else when you see those numbers
00:16:08.600 coming out, shocking as they are, because you followed the Pied Pipers. Those Pied Pipers 1.00
00:16:12.700 have led you right over a financial and fiscal cliff. 1.00
00:16:16.440 Dan, thank you so much for coming on the show. We appreciate it, as always.
00:16:20.160 Good to be here. Thanks, Mark.
00:16:21.740 Canadians for Affordable Energy. That's the name of the organization, the Dan Heads. 0.94
00:16:26.920 If you enjoyed this show, consider supporting great independent journalism by becoming a
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00:16:37.240 the link below. It helps us do what we do. Thank you so much for tuning in. See you next time.