Carney's condo bailout, the truth and the fiction...

The bailout is outrageous, but so are some of the false claims being made about the plan.

I always tell politicians and fellow journalists, stick to the facts, there is enough to be upset about.

Mark Carney’s condo bailout is a very bad deal in my view. I’m hardly alone in that, but the fact is, some people are making false claims.

Yes, Carney plans to buy 2,200 condos in Vancouver’s slumping market, but as I explain in my column for the Toronto Sun and in the video below, the price tag isn’t $3.2 billion. That’s what the government will spend on issues such as bringing down development charges in British Columbia.

That said, we don’t know what the price tag is for the condo bailout and that is a problem.

In the end, it might be as bad the $3.2 billion, but the simple fact is, we don’t know.

I do have to ask though, why is the economic genius, the business magnate, the central banker, deciding that markets don’t work and he has to bail out developers in B.C.

The way the housing market works is that when supply is tight and demand is high, prices go up. Right now demand is soft and supply is plentiful, and now the government is going to buy the condos to turn them into affordable housing spaces.

Start questioning whether Mark Carney actually believes in markets.