"A Prime Minister Who Doesn't Care" Carney Gets Roasted on CBC + New Housing Plan: Buy Unsold Condos

These are two bedroom homes up here.They're about $1 .1, $1 .2 million still.still, rents have gone down 6%, but it's completely still out of whack.Do you want to see home prices fall even further?

The CBC is turning on Carney again.Welcome back to Moose on Loose.My name is David.Today, we've got Mark Carney making a housing net.Well, technically, as yesterday, he made a housing announcement in Vancouver.They're also ramming through a bunch of stuff through Parliament right now, like Bill C -9, the law on religious symbols.

But there's more to what Carney just announced regarding housing.We've also got a whole bunch of world news we need to get through.Let's jump into this.Starting this episode off, we've got a new Quebec provincial poll from Léger showing the PQ at 30%, the PLQ, the Liberals at 27, CAQ at 21.So as per usual, the Separatist Party is leading in the polls.We've got the big FIFA game between Canada and Qatar, which Canada won six to zero.

Mark Carney attending this here.You can see up here, is he reading a teleprompter to know the words?Moving ahead, Carney and David Eby making this announcement.$3 .2 billion going towards developer subsidy plan to buy unsold BC condos.This plan is about as ridiculous as it sounds.Prime Minister Mark Carney was in Vancouver Thursday, June 18th to announce measures to unfreeze the province's real estate market with the aim of creating greater affordability for British Columbians.

So basically, there's a bunch of condo towers.It mentions it here where two bedroom condos are selling for $1 .1 million.Nobody has $1 .1 million to buy them.So they just sit there unsold.and there's a whole bunch of them sitting on the market, nobody can buy them.And because nobody can buy them, the developers then can't make money to then build another project.

So these condos are sitting, they can't get financing for new projects, so then the housing starts are going down, it's a big problem.So instead of reducing the prices and selling it a bit lower, they just have them sit there, because they don't want to pay.make less money or take a loss on these.So Carney announces $1 .6 billion of taxpayer money over 10 years to be matched by the province.So province matching 1 .6, which is where we get this $2 .3 billion to buy up these condos that nobody can afford.And what are they going to do?

They're going to turn them into affordable housing.So throughout this press conference, which we're not going to play most of it, Carney basically confirms it'll be a mixture of rental and sale of these condos.depending on what the experts decide.But you can see here, the government's plan here is to lower development cost charges for multi -unit housing condos up to 50 % or as much as $40 ,000 per unit in priority communities.And at the bottom here, it shows through Bill Canada Homes and BC Housing, the senior government will convert more than 2 ,200 vacant condo units in priority growth areas into affordable housing.So there's 2 ,200 vacant condos they're gonna buy with our money and then rent them out or sell them and use lower financing because or the government and get these into the market.

We're gonna take a big loss on this.Like that's what's gonna happen.Cause they're not gonna sell them for 1 .1 million.People can't afford that.So what are they gonna sell them for 800 ,000, 700 ,000?What are they gonna take a three, $400 ,000 loss on all of these?

Is that really affordable housing at 700, $800 ,000 for a condo?And then they also mentioned 2 .5 billion over 10 years for new transit projects.So we'll get back to that in a second.But as for the housing, there's a lot going on here.We've got the first question, opens up one element of it.

Graham Wood from Business in Vancouver.Generally higher property taxes will result in lower land value.So what you guys are doing is you're lowering taxation on property through DCC's elimination and you're drawing this money from income tax revenue.And so have you considered that aspect?

So basically what he's saying is you're using taxpayer money to bring the development charges down for developers, which is good for developers.I mean, what do taxpayers get from this?aside from unlocking the real estate market?And you can see here, Carney got the little Grinch smile from this.Right there.See that little Grinch smile?

He couldn't help it.He knows what he's doing.He's helping out his developer buddies.That's what this is.The developers get these nice big subsidies.They get to sell their units that they can't sell because nobody can afford them.

So now the government's buying them because the government can afford them.And this is just going to once again, increase inflation in Canada, just keep pumping out the money and buying ridiculous stuff like overpriced condos.

What we've considered is that the and we see this I'll speak from a federal government perspective.We look across the country.There are certain provinces, B .C.and Ontario particularly, where development charges have reached a level where they were pricing out ordinary people, I can put it that way, the average home purchaser, and certainly in affordability.And there are advantages, there are synergies in some of the programs that we can have, both at the federal and provincial level, to help provide that infrastructure.

Because after all, the development charges for the infrastructure gets capitalized up front, since we're talking about tax, gets capitalized up front, hits and gets passed on through to the buyer of the home, as opposed to what The federal government can do, the provincial government to do, particularly working together, which is to smooth that over time.build world -class infrastructure, community infrastructure.

OK, we're done with him rambling here.Now, what's really going on here is Mark Carney is announcing $1 .6 billion, partnering with CMHC to unlock, to unfreeze these condos.Meanwhile, he's friends with Bob Rennie.Now, who's Bob Rennie?He's a guy who hosted Liberal Leadership Fundraiser in 2025, publicly said he's working with Mark Carney on housing.He's known as the condo king in Vancouver.

This is Bob Rennie.I'm working with Carney.and I'm trying to get a rental program in where people can buy, put it into a 25 -year pool, get preferred rate from CMHC, and let's allow foreign buyers to buy it.They have to rent it out for 25 years, and it'll show the world that we are open for business.

Is this what he's doing right now?Literally what he just described?Once the details come out, we'll know.Bob Rennie, the condo king here.This is his website.You can see he doesn't own real estate condos.

What he does is he sells them.So this is his team here.Here he is down here.There's someone else with the same last name, his brother, maybe.You can see on the BC Financial Services Authority website here, here's his company, Rennie.Licensed for brokerage, trading, rental, property management.

You can see Rennie marketing systems.They sell houses.Basically all these condos.This guy sells them.That's why he's the condo king.He doesn't build them.

He is between the buyer and the builder to get these sold.And this guy is friends with Mark Carney.And as you just heard him describe this system of getting foreign buyers to buy up units and rent them out for 25 years.I mean, I don't know that's the plan here, but basically this is more convoluted because then we've also got Brookfield here who has numerous investors in the Brookfield Global Transition Funds, including the Ontario Teacher's Pension Plan, IMCO, PSP Investments.They all have investments in Brookfield and their transition funds, but they also have in Vancouver.moving pieces to all of this.

I also got this structured out here, the liberal fundraiser that Rennie was hosting here, all these big companies, ConcordPacific, Polygon Homes, Reliance, Wall Financial, BD, West Bank.There's also Mosaic Homes.Now, Mosaic Homes is not the same mosaic that Brookfield owns.Brookfield owns Mosaic Forestry Management, the logging company, not to mention it manages these other ones, Island, Timberlands, Timber West, etc.Now, on top of the pension funds that would be invested in all this, and that's the details we don't know, which companies, which units are going to be bought out by the government then we know which ones are tied to which pension funds.

It gives us a lot of information but on top of that there's a direct link between what Carney's doing here in Brookfield in that Brookfield owns Bridgemark Real Estate Services.42 % of this company.This company owns Royal LePage, the biggest real estate company in Canada.They own Johnson and Daniel and Via Capital.These are all real estate companies.I believe this one's in Quebec.

So obviously not going to be applying in this situation, but if these units get unfroze and now they're being sold, it's better for these real estate companies because obviously then they can start selling more units.It's good for Mark Carney's friend here, Bob Rennie, who doesn't make any money unless units are being built and then units are being sold.Right now, the housing starts are going going down because nobody can buy these million dollar condos, the big developers here can't get financing, and now taxpayers are having to bail out the whole system here?Just another case of cronyism.

Do you want to see home prices fall even further, especially in the Metro Vancouver region?

What we want is to establish, and I'll speak from a federal perspective, Metro Vancouver, Lower Mainland, across British Columbia, across Canada, is to build more and make available more affordable housing.Housing that works relative to what people's incomes are.

So after I just showed you all that, I can just tell you Carney doesn't want prices to come down because he wants the investments that these pension funds havein real estate, in these condos, these buildings to stay high.Otherwise there's less capital available for Brookfield to be building net zero than to help roll out his agenda.So no, he doesn't want the prices to come down.And that's why he doesn't say that in this press conference, in this answer here, he doesn't say, yes, let's bring the prices down.He says, I want more affordable housing to be available.

That's a very different answer.

And that means supply.It means more supply, obviously.It means part of that supply coming in innovative ways.I'm turning towards Minister Robertson because we're just in the early days, literally the legislation has gone through the Senate moments ago, of establishing Build Canada Homes, which is a factory built, it's a way to build much more effectively, more Canadian, lower emissions, lower costs and build out and providing that strata of more affordable housing across.So that's a supply point.

the betterment a great day!administer it to overlook, make sure things are buttoned up.Why can't we get the cost of that down to $5 ,000 or $2 ,000?And just quickly double -checking my numbers here, C .D.Howe says $644 ,000 in regulatory fees to build a house in Vancouver.

That is absurd.Where is that money going?To put the mayor's salary?The government enriches themselves with this stuff.It's absolutely wasteful.That's what he should be focused on cutting, not subsidies for his big developer friends.

Jumping over to CBC here, they're talking about Mark Carney not showing up to question period.The Conservatives brought out a cake for his hundredth time to not showing up at question period and they're turning on Carney here.They don't like that he's not showing up.Today he's missed a hundred question period.

Well, I think it's a serious issue.It's fine for the Prime Minister to travel abroad and that's his duty to do so.But the fact of the matter when he's in Canada, he rarely shows up at the House of Commons.And that's a real, to me, is a really serious concern.You know, this is a guy who's not used to, I mean, it's our parliamentary democracy.You have a responsibility, Prime Minister, to show up and take questions.

And, you know, just the last, this last, last night, they pushed through amendments, or pushed through the lawful access law, which is very troublesome.There's a lot of things on that bill that is, that civil libertarians are very concerned about.They pushed it through without any debate.They pushed it through the House of Commons without any debate and without anybody being able to put amendment forward and argue for it.So I worry that this is a government and a prime minister who doesn't care about the the significant role that parliament plays.

You hear that?Robert Fife just said Mark Carney doesn't care.I mean, that is Carney's message, isn't it?Who cares?Mark Carney.The fact they're putting this on CBC, I can only imagine with no results coming from what Carney's doing, aside from enriching his friends, big developer friends, whatever, friends across the spectrum here with taxpayers.

dollars.Eventually Canadians have to wake up to what's going on.Certainly dismissive of question period.

There is a lack of accountability there.It's something I think that his predecessor could not be criticized for.I mean, he had every Wednesday, he took every question in the House of Commons.Whether he answered the questions or not might be up for debate, but he was there.And he was there, I would argue, actually most Tuesdays and Thursdays as well.He often wasn't Mondays and Fridays.

But the fact that the prime minister is not in the House, I think, is a problem.Is he is it going to change?Not the way his poll numbers are.

That's the question here.So if his polling numbers do change, does he end up back in question period?Because the CBC is being highly critical of him here.They're paid to say nice things about him, but there's a certain point where they're not liking it either.Moving ahead with some world news here.We have some scenes here out of New York during the 2026 World Cup match, and someone with the pew pew started opening up with it.

This is not pretty.And you can see people start scattering and running.I don't know if anyone perished.I don't know this situation here, but yeah, something you don't want to see.We've got some other crazy news here.This is coming out of Moscow.

Ukrainian drones are raining down everywhere.So Putin unleashed on Ukraine, I don't know, maybe within the last week here, with new strikes on Ukraine.And now they're hitting directly on Moscow.They're hitting refineries, anything that produces energy.There's a dozen or so.So numerous things on fire here.

I mean, I'm going to show you a clip here that is absolutely outrageous.So one of these oil refinery containers, you can see these tops that are on here completely goes airborne.We've got a Chinese tourist who was just in the past.place at the right time with a camera out.Look at this.That's absolutely unreal.

The fact that she was tracking that little drone and then saw the Pow Pow come fly in.I'm not sure what's going to happen here.I can't imagine Putin is happy with this.So he probably will retaliate with bigger force.And unfortunately, there's a point where Ukraine doesn't have the bigger pow pows to stand down Putin with.So I don't know if this is going to be really bad for Ukraine, but we have one more video here of Russians trying to knock those drones out of the sky by standing on active highways while civilians are trying to drive around them.

Like you can't make this stuff up.

I got it.

This is complete madness.Now ending this episode with some good news.We do have the Strait of Hormuz officially open here.Oil is flowing once again, which is great news.We need some good news here.This is good news.

Price oil should be coming down.It'll take some time and they say that it'll take a full year before things are completely like they were, but there should be some reprieve, some cost reduction here in the coming weeks.And just a heads up for the next two or three days my birthday's tomorrow so I'll be taking a couple days off.I still have one video day coming out for the next two or three days before I'm back on my regular schedule.