Juno News - Carney hands out BILLIONS in bailouts to condo developers

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

00:16:31.180 premier member of Juno News, please go to JunoNews.com backslash straight up. You can find

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.

Juno News - June 23, 2026

Carney hands out BILLIONS in bailouts to condo developers

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