Juno News - Is Carney’s condo bailout DEAD？

00:00:00.000 Well, both Prime Minister Carney and the Premier of British Columbia are in damage control after

00:00:11.320 the botched condo bailout announcement a week ago. Premier David Eby says the Vancouver condo

00:00:18.380 program is not aimed at bailing out developers. Eby says the details are yet to be finalized.

00:00:25.240 On this condo proposal, it's, I mean, you know, the federal government was enthusiastic about us announcing this before all the details were out.

00:00:37.100 But in the absence of the details, the plot has been lost a little bit here.

00:00:42.740 So happy to share some of the information with you.

00:00:44.780 If you are a condo developer that took a bet on the high end of the market and you're facing significant potential loss of profits, what we are proposing will not assist you.

00:00:59.240 The government of BC has been very clear, I've been very clear, that we are seeking to make housing more affordable for people.

00:01:08.160 And that includes inevitable corrections in the market.

00:01:11.580 What we see as an opportunity right now is the chance to buy products below the cost of construction.

00:01:20.160 While Carney also tried to clear the air, saying no developer asked for a government bailout,

00:01:26.000 he also said the program began as a B.C. government initiative.

00:01:29.780 I want to say up front, I don't think we've done, self-cluded,

00:01:33.440 a particularly good job of rolling this out and explaining exactly what it is.

00:01:37.200 So, with your indulgence, I'm going to say, I think it's important to say a few words of what this is and what this isn't.

00:01:44.560 We start, as we always do, with Canadians.

00:01:48.220 We don't start with developers.

00:01:49.400 We don't start, yes, it's great that there are developers and they build condos.

00:01:53.380 What we care about is affordable housing and affordable housing, in this case, for the people of British Columbia.

00:01:58.180 And the province of British Columbia, which initiated the idea, sees an opportunity, potentially given what's happening in that market, to convert some of these condos that are lying unsold to affordable housing, particularly rent to buy affordable housing for, and you can anticipate.

00:02:22.100 so these are people uh in many cases young families but people who don't have money for

00:02:27.300 a down payment well the 3.2 billion dollar program announced last week was met with a

00:02:33.220 lot of backlash including from conservative party leader pierre polyev why is he bailing out these

00:02:38.980 condo developers who've made billions over the last several decades well and i quote

00:02:44.980 the developers don't want to sell at a loss who does somebody's going to lose money

00:02:53.620 right the government inflated the housing market into a bubble and now the bubble burst

00:02:59.620 so who's going to pay the price mark carney wants you prime minister carney also spoke about

00:03:06.980 immigration this week saying his government now has things under control you've taken back control

00:03:13.300 of immigration. Asylum claims are down by a third, temporary foreign workers arrivals down by half,

00:03:20.660 and international student arrivals down by 60%. We can now carefully rebuild a sustainable

00:03:27.780 immigration system consistent with Canadian values. Well, describing the situation as back 0.97

00:03:33.780 under control suggests things were out of control before. As many Canadians suspected,

00:03:39.540 The influx of so many foreigners led to a housing crisis, increased crime, and inflation. 1.00

00:03:46.020 Let's be real. Crime is up. Repeat offenders are released on bail. Police responses are slower 1.00

00:03:52.380 than ever. And in many places, law-abiding citizens are expected to just hope nothing

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00:04:54.000 safe than sorry. Our guest today is writer and political commentator Dimpy Brar joining us from

00:04:59.680 Oakville, Ontario. Welcome, Dimby. Thank you so much, Mr. Petroni. Always a pleasure to be with

00:05:05.480 you. So we've got both Premier Eby as well as Prime Minister Carney in damage control

00:05:12.580 trying to fix what they broke, really. You had the announcement on Friday, which was apparently

00:05:19.380 botched from a communications vantage point. It sounded like he wanted to save the developers

00:05:25.540 from losing money and now it came out as we yesterday and and over the course the last

00:05:32.380 48 hours no it's nothing to do with the developers they didn't ask us for the money and

00:05:36.920 you know we don't care anyway because it's all about affordable housing for

00:05:40.980 canadians who can't afford it what do we make of this mess well first of all i love that the

00:05:47.880 idea that it's botched comes down to this it's botched because he told the truth accidentally

00:05:54.060 That's what made it a botched communication swap. He accidentally had a little slip up and said that

00:06:00.400 it was about the developers. Now, I would just like to remind your viewers that his exact phrase

00:06:06.740 was that no one, quote, directly contacted him. Now, of course, no one seriously thinks that

00:06:13.080 someone is directly contacting the prime minister himself personally to deal with this. However,

00:06:19.760 directly is a very interesting use of phrase. Now, to be indirect, one could always speak to

00:06:26.560 his chief of staff or his many staffers, or perhaps he went on a golfing trip with his fellow

00:06:31.780 or former employees of Brookfield. You know, that would technically not count as directly either.

00:06:37.560 Those are all indirect measures, but the point remains the same. This government somehow has

00:06:43.180 the money to bail out a subsect of condo units in Vancouver, potentially thinking to do the same

00:06:51.360 thing in Ontario. All the while, it struggles to have money to, first of all, restore 24 Sussex.

00:06:59.440 It has to essentially go fund me that. And it also lacks the money and the financial holdings

00:07:07.020 to support and preserve our industries, which are a part of national security. So for instance,

00:07:13.780 our energy sector, our critical mining sector, and most importantly, our manufacturing sector.

00:07:20.280 These somehow do not rise to the occasion of not necessarily a government bailout,

00:07:25.360 which none of them have asked for, but somehow it's too much to ask the government to support

00:07:30.260 and preserve those industries, which are integral to our national security issue.

00:07:35.620 And yet somehow condos in Vancouver, that is a national issue for Canadians.

00:07:41.120 Well, if they extend that program to Ontario, I think it might have been a bit of a trial balloon.

00:07:47.220 Let's see if it flies in Vancouver, which is a major market in Canada.

00:07:52.280 And if it does, well, then we can roll it out in Ontario.

00:07:55.440 And I think they saw a massive backlash that arose from that and the outrage saying,

00:08:01.820 how dare you use Canadian tax dollars in order to buy out these developers that have made out

00:08:07.700 like bandits for decades. When times are good, you don't see those developers sharing their

00:08:14.320 massive wealth with the rest of us. But when things go south, because their investments were

00:08:20.320 made during a time when you already had a frothy real estate market, then we're supposed to pick

00:08:25.980 up the tab. You know, all this, as so many Canadians are struggling to get into the housing

00:08:31.460 market. I mean, it just rubbed a lot of people the wrong way, and for good reason. And so now

00:08:38.160 they're scrambling, because you also have the Prime Minister saying, well, by the way, it was a

00:08:42.960 it was a BC government initiative. You know, it was their idea. We kind of went along with it. And,

00:08:49.860 you know, it's really all about affordability. I think it was just botched from the start.

00:08:55.980 And so any plans they might have had to roll it on Ontario, I think may have to hold off

00:09:01.020 at least for now.

00:09:03.200 But I mean, where does it take us now?

00:09:06.100 Where do we go from here in terms of this?

00:09:08.100 Because their credibility is kind of shot, isn't it?

00:09:12.140 Oh, the idea that Mr. Carney is someone that who would be responsible for this, it's really

00:09:17.140 a hot potato situation.

00:09:18.740 That's what I see it as with his relationship with Mr. Eby.

00:09:21.980 Mr. Eby wants to blame Mr. Carney and Mr. Carney wants to blame Mr. Eby.

00:09:27.200 And this is going to be very interesting moving forward because, of course, Mr. Eby is not exactly right wing.

00:09:33.760 So we're not dealing with somebody who is antithetical to the Liberal Party's platform or even working with Mr. Carney.

00:09:41.840 This is someone who has been quite an open supporter and sympathizer of Mr. Carney's policies.

00:09:47.100 And it's indicative of a problem that Mr. Carney is having nationally now.

00:09:50.700 There are two premiers who, again, they don't need to explicitly say that they don't like Mr. Carney or that they disagree. It's just a very interesting distancing that's happening, both between Mr. Eby, again, who represents a left flank to Mr. Carney, as well as Mr. Ford, who represents the, quote, right flank to Mr. Carney.

00:10:12.000 One way or another, these two premiers, despite their differences in politics, seem to understand one thing, that Mr. Carney is not as popular as he might seem, and tying their fortunes to him does not seem to be as politically expedient or lucrative as it once was when he began.

00:10:30.240 So again, this is really, I think, the beginnings of a scandal that's going to continue on throughout the summer.

00:10:36.620 We still don't know which developers in question who really asked for this and what at some point we will find out the answer to this.

00:10:46.860 And I am troubled by the fact that, as Mr. Cooper pointed out on your show, I'm troubled, especially by the fact that Vancouver is a hotbed for money laundering,

00:10:56.380 especially money laundering of criminal organizations, if not foreign adversaries.

00:11:02.300 The CCP really has a hold in Vancouver, especially in its real estate market.

00:11:07.160 So again, I don't think that this is as simple as it seems or as it appears at first glance.

00:11:13.500 We are seeing the beginnings of a scandal that he'll be dealing with, I think, for a long time.

00:11:19.500 Yeah, I think we're going to find out.

00:11:21.440 some developer will let slip that yeah we did lobby the government on this i think keep an eye

00:11:28.640 on that story because guaranteed that they did they don't want to lose money and so they went to

00:11:34.700 one level of government or the other possibly evie possibly carney because of course you have

00:11:41.660 cases where they raised money they raised they did some fundraising for for carney ahead of his

00:11:47.560 of his uh winning the election but there's all of that there's and you're right to raise the issue

00:11:54.100 about so many other questions around how this is going to work like in eb's statement earlier

00:12:01.080 he talked about getting these condos at a price that's lower than the construction costs that

00:12:09.740 doesn't make much sense to me i mean why would these condo owners sell to government at a loss

00:12:16.820 they might as well just go to the market they were going to do that they just go to the market

00:12:19.980 and sell them and you know take a haircut and that's just being a byproduct of the speculative

00:12:27.140 work that they do and sometimes you lose most of the time they win but this time they didn't

00:12:33.220 and so you take a haircut and move on but what Evie is saying is well we could get these condos

00:12:38.280 cheap and then have a kind of a buy to rent or rent to buy program and so I mean it doesn't

00:12:46.720 makes sense to me that these developers would unload these condos to governments at less than

00:12:53.700 what they could get on the market or at the same time amount they could get and you know what i'm

00:12:58.320 saying like that that part doesn't ring true to me and you know what we need to hear from here

00:13:03.420 uh is the developers these guys need to come out and say okay here's a deal we own these condos

00:13:10.520 And here's our position on this. You know, yes, we wanted government money. Yes, we lobbied, you know, whatever their quote unquote, what their truth is.

00:13:20.620 They need to say I'd love to hear from them, but they've been quiet, haven't they?

00:13:25.820 Yes, their silence is notable, which is never a good sign for them, by the way.

00:13:31.540 But it really raises the question of who exactly Mr. Carney's constituency is, or at least exactly who does he think he's exactly ruling on behalf of.

00:13:42.940 It's certainly not the people. The people don't get lower affordability or housing prices just because he bails out these developers.

00:13:50.800 In fact, it seems that when he's speaking about affordable housing, he means affordable housing for the developers is what he's expecting.

00:13:56.820 But more importantly, a party that serves the interests of its donor class, which let's be honest here, there is a major faction of the development and real estate industry across this country that is a consistent voter and donor and fundraiser of the Liberal Party of Canada.

00:14:17.200 So it raises the question of who Mr. Carney is really serving. We've seen him serve the interests of the Europeans, of Davos, of everybody except his own people. And in many ways, Mr. Carney should have a new motto, which is ABC, anything but Canadians.

00:14:37.140 He will help out donors. He will help out Europeans. He will help out the Chinese Communist Party. He will help out even Iran and Venezuela, where he now wants to open diplomatic centers or embassies.

00:14:52.640 But somehow the Canadians bear the brunt of this. And after a certain point, one has to wonder, when Canadians are lining up, the optics of Canadians lining up for food banks, if the government doesn't have money for that, how could you possibly have money for a bailout of condos out west?

00:15:12.540 It's all very strange. And again, it's I really believe it is not the beginning of the end, but really the end of the beginning with Mr. Carney's tenure.

00:15:24.100 Really? So you think it's downhill from here?

00:15:28.180 Oh, yes. Mr. Carney, for the last couple of a couple of months, you know, everyone has the first year honeymoon, which is why no one should really look at polling in the first year of any prime minister in Canada, because it's usually very high, very consistent.

00:15:41.320 and he has had record high polling across the country. That is absolutely true. But the

00:15:47.040 precipitous fall that he's shown, especially in like the ledger polling for the past two months,

00:15:52.160 when you have it for two months, it's not necessarily about the numbers, but the direction

00:15:56.500 in which things are going. And one way or another, things are going southward. The Canadian people are

00:16:03.220 not too happy with Mr. Carney's performance. And I think it all amounts to the same thing.

00:16:08.600 Mr. Carney promised a kind of financial ruling. He is the international banker extraordinaire.

00:16:16.440 He understands the markets and economics. That's why he was supposed to get us the best deal with

00:16:21.440 President Trump. That's why he was elected. Essentially, the Canadian electorate made this

00:16:27.060 decision, and I don't believe that voters are ever wrong the same way customers are never wrong,

00:16:32.220 in theory. He was elected simply for the fact that the Canadian voter thought

00:16:37.340 if there was one man who was going to get us a better deal economically with Mr. Trump,

00:16:42.800 it would be Mr. Carney. The fact that he is failing on that account and on various other

00:16:47.980 economic planes and domains in Canada. We are still in a technical recession. We still have

00:16:54.820 a housing crisis. We have an immigration crisis on top of it. And we have two provinces who are 1.00

00:17:01.280 flirting with the idea of secession. Any one of these should bring a prime minister to his knees

00:17:06.640 To have all of them going on at once is not exactly the kind of political situation or landscape that Mr. Carney wants to be ruling on top of.

00:17:19.740 Speaking of immigration, they did do some internal polling and they found out that it's a major issue amongst Canadians. 0.98

00:17:27.380 They're really fed up the mass influx of so many people into the country. 1.00

00:17:31.980 It's created gridlock on the streets, created a housing crisis. 1.00

00:17:36.900 It has served to spike inflation as well as crime. 0.99

00:17:42.000 And so he came out recently and spoke about how immigration levels are now back to normal.

00:17:49.760 Let's listen to what he had to say.

00:17:52.560 We've taken back control of immigration.

00:17:55.960 Asylum claims are down by a third.

00:17:57.940 Temporary foreign workers' arrivals down by half.

00:18:01.020 and international student arrivals down by 60%.

00:18:04.520 We can now carefully rebuild a sustainable immigration system

00:18:09.560 consistent with Canadian values.

00:18:13.160 Well, if that's what he's saying, things are back under control.

00:18:16.300 First of all, he was advisor to the Trudeau government for five years

00:18:19.920 when it was out of control.

00:18:22.700 So that's what this tells me.

00:18:25.040 I just don't think they have a whole lot of credibility on the immigration file,

00:18:27.800 but they understand how political it is and how potentially explosive that issue is if they don't

00:18:34.660 deal with it. First of all, do you believe what they're saying here? Things are under control.

00:18:40.660 I love the idea that immigration is back to its normal levels, to what? Trudeau levels? That was

00:18:45.860 already exponentially out of control. So again, that's not exactly a win here or some kind of

00:18:52.040 victory or success that he should be proud of. It's interesting to me that the prime minister

00:18:57.460 is even speaking about immigration because, again, immigration actually affects every single sector

00:19:04.420 at this point in Canada. You see it every day when it comes down to jobs and the absolute lack

00:19:10.500 of employment in this country, both youth and otherwise. You see it when it comes to law and

00:19:16.020 crime and disorder. You even see it in our healthcare system. Why do you think we have

00:19:20.580 such egregious waiting lines and waiting times now canada is very much not a racist nation it

00:19:28.340 never has been and it never will be canadians are the most welcoming of i think all peoples among

00:19:34.820 the west it has nothing to do with race what this is really is a betrayal of the canadian people

00:19:41.300 and let's be honest the liberal party of canada has had a platform and policy of essentially

00:19:48.260 replacement migration. They have been using and importing these peoples for a very simple fact.

00:19:56.440 They understand that newcomers and immigrants are more likely to vote liberal, and they've 1.00

00:20:01.000 essentially flooded the zone for that purpose. And so far, it has served them very well. 1.00

00:20:07.300 So just because he cuts immigration now doesn't really make a dent of a difference.

00:20:11.860 This is actually, we've reached a point where that's no longer enough. You could seal the

00:20:16.320 borders tomorrow, stop any immigration to this country, and we remain a problem. And the problem 0.96

00:20:23.320 isn't just domestic in terms of prices, housing prices, employment, and health care. It's also

00:20:29.500 a national security threat. We still are unaware of who is coming into this country. And the people 0.75

00:20:36.120 to me are actually less of a concern than the ideas which they bring. The Jew hatred that's 1.00

00:20:41.240 been coming across this border has been largely imported. And we're seeing the seeing that very 0.98

00:20:47.440 clearly with this. The Jew hatred in Canada is of a level that is not really normal or consistent

00:20:56.320 with Western civilization. However, what it is consistent with is the kind of divine commandment

00:21:03.580 of some peoples and ways of life and religions, especially Islam, which believe that there is a

00:21:09.720 quote, to quote their hadith, a Jew behind every tree. So this is becoming a national security 0.60

00:21:15.540 issue, again, not just to the United States and to our allies, but to ourselves. And again,

00:21:21.980 Mr. Carney pretending that he is strong on immigration is like Mr. Carney pretending like

00:21:27.240 he's strong on the border, like Mr. Carney pretending he's strong on law and crime,

00:21:31.640 and Mr. Carney pretending like he's strong on the Arctic. He says the right things. He never

00:21:38.220 backs it up simpy thank you so much for coming on the show powerful stuff as always oh it's always

00:21:44.940 a pleasure it's my favorite thing to do simpy braher well if you enjoyed this show consider

00:21:51.440 supporting independent journalism by becoming a premier member of juno news please go to

00:21:57.780 junonews.com backslash straight up you can find the link below it helps us do what we do thank

00:22:03.420 you so much for tuning in we'll see you next time

00:22:08.220 You

Juno News - June 28, 2026

Is Carney’s condo bailout DEAD？

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