Lets stick to facts.THE GOVT IS SPENDING $3.5BILLIon to bail out BC condos;it doesnt matter whether part goes to developers and part to subsidize developers;the fact is our tax dollars are spent foolishly instead of letting the market forces rectify the oversupply of condos in a corrupt Vancouver market where demand has dried up
Many of these condos are not affordable to the regular population, so changing them into "affordable housing" after the government buys them should make everyone wonder about what's going on. This is very worrisome and suspicious.
🎯...very much so...especially since there was a report here a cpl days ago that the number of Real Canadians buying houses is still declining..but the number of New Canadians buying is increasing..
You make a good point, Charles, but I have one small quibble: that is, what if the market doesn’t clear due to previous government intervention? What if markets are prevented from working?
The only impediment to the market is govt interference;let the prices drop to a point where buyers feel there is value & let developers take the hit,not the taxpayers!~
WHO IN THEIR RIGHT MIND STEALS TAXPAYERS TAXES TO BAIL OUT ANYONE OR ANYTHING...WE DON'T PAY TAXES TO BE USED AS BAIL OUTS FOR ANY INDUSTRY...IF OUR TAXES ARE USED FOR BAIL OUTS THEN THE GOVERNMENT HAS TO PAY THAT MONEY BACK. GOOD GRIEF...IS CARNEY AN IDIOT OR DOES HE JUST THINK HE CAN STEAL OUR TAXDOLLARS AND CPP DOLLARS TO TRY TO FIX ANY OR ALL OF THE GOVERNMENTS' OR PROVINCIAL PROBLEMS? TAXPAYERS NEED A FORENSIC AUDIT FOR THE PAST 10 YEARS.
Pro tip for Mark: if nobody will buy the inventory, the problem isn't a lack of government money. It's the price.
Even a toddler eventually figures out that when nobody wants the cookie, you lower the price of the cookie.
This isn't a Nobel Prize-level insight. It's the conclusion every garage-sale owner reaches by noon.
I can't wait to hear from the resident elbows up Carney disciple(s).
Few things are more entertaining than watching people contort themselves into human pretzels defending a policy that boils down to: "If buyers won't pay that price, taxpayers should."
And that ignores the real reason he did it-to bail out his BFFs but I digress.
There’s likely a lot more to this bailout than meets the eye, none of it good for the taxpayers and in the end, likely none of it good for consumers either but then again, I’m not as well heeled or connected as Carney is… I’m not a liberal so what do I know!
Here is a law of economics no longer taught in class: government intervention to correct a market failure that isn’t actually a market failure, results in more government intervention to repair the consequences of the previous government intervention, without making the original problem better.
Sometimes, the first best option is to do nothing.
This same government recently bailed out a Quebec trucking company to the tune of $91 million. Where does this leave the THOUSANDS of other struggling trucking companies in Canada? Are they entitled to handouts as well? Where do the bailouts stop? Does the pizza place or the convenience store get government assistance? Or is it just politically strategic companies getting those handouts? Let the capital markets work. Bailouts allow companies to be as reckless as they want, safe in the knowledge that they can get their government to pay their bills should they not be profitable.
Carney and his ilk are managing Canada’s decline through centralized control, where the ability to pick winners, and regulate everything unaccountably, is a form of graft to friends and fellow travelers. It won’t stop. It’s the playbook.
You would think Canadians would get mad, furious at how their tax $$'s are being spent but meah, few seem to care. I don't understand Canadians anymore.
It is good to know the rich will not have to pay for their bad decisions. They can lose millions at a time, and so need a strong social safety net more than the rest of us. It may not be what Marx had in mind, but it is the inevitable outcome of his ideology.
Mark Carney does not believe in markets. He does not have to. The way things are going, the Liberals in Canada are headed for a permanent majority status that means they can do whatever they want and they won't be blamed or voted out. A sort of Institutional Revolutionary Party.
As in Third World countries, institutionalized corruption, punctuated by bursts of authoritarianism, will make most achievements a distant memory. But that will only be an issue for those who remember when Canada was different.
Bailing out developers (East Asian money?) while claiming to provide more affordable housing (and never really doing so) is just one wave of the incoming tide.
The developers can certainly afford to channel some of the money to Liberal campaigns and they will surely find a way to do so.
It has and I think it is too late. We will never see anything but Liberal and Liberal coalitions in the country again. We are looking for other places to go but so many of the western so called democracies are going in the same direction.
I caught this “announcement” with Carney and Eby on BNN Bloomberg last week. The CTV reporter went on and on about how the government is investing in housing and infrastructure. There was no mention of bailing out condo developers who are under water, with taxpayers money. The low information Elbows Up crowd will look at that, believe it all, and reinforce their blind faith in the Liberal regime that is slowly destroying Canada.
Also of interest is the signing on June 3rd 2026, between Concert Properties and Brookfield on single tenant and multiple tenant properties in Vancouver , Calgary, Ottawa and Toronto that added about $1 billion to the portfolio.....connected?
Look at Sam Cooper of The Bureau's reporting. He has been following this for the last 12 years, the Chinese diaspora's and money laundering in housing.
Carney does not believe in markets. He believes in the state and more likely, the global uber state. His economist creds furthers his image as being somehow different than Trudeau, Klaus Schwab, and the EU technocrats which has served him well at the polls. News flash, every statist variant (socialism to fascism) includes versions of economists justifying the state. In the now ubiquitous end-stage democracies where bankrupt welfare states transition to tyranny, Carney exemplifies the feature rather than the bug.
Photo op for Mr Carney.. being a money guy, economist, i think he knows this is a bad idea. Must be nice to go places and pull out the check book, here ill buy. What other country would do that.?
Were on a train to no where. July 1st CUSMA coming. Hope it looks better. Right..
I can not believe our country. Nothing to be happy about. Where will carney fly off to on July 1st.. just wondering.
Lets stick to facts.THE GOVT IS SPENDING $3.5BILLIon to bail out BC condos;it doesnt matter whether part goes to developers and part to subsidize developers;the fact is our tax dollars are spent foolishly instead of letting the market forces rectify the oversupply of condos in a corrupt Vancouver market where demand has dried up
Affordable...for who??.."Asylum seekers"? (thanks to US, they're better off than US)
Many of these condos are not affordable to the regular population, so changing them into "affordable housing" after the government buys them should make everyone wonder about what's going on. This is very worrisome and suspicious.
🎯...very much so...especially since there was a report here a cpl days ago that the number of Real Canadians buying houses is still declining..but the number of New Canadians buying is increasing..
taxpayer money laundering into liberal supporters pockets???
You bet!
You make a good point, Charles, but I have one small quibble: that is, what if the market doesn’t clear due to previous government intervention? What if markets are prevented from working?
The only impediment to the market is govt interference;let the prices drop to a point where buyers feel there is value & let developers take the hit,not the taxpayers!~
WHO IN THEIR RIGHT MIND STEALS TAXPAYERS TAXES TO BAIL OUT ANYONE OR ANYTHING...WE DON'T PAY TAXES TO BE USED AS BAIL OUTS FOR ANY INDUSTRY...IF OUR TAXES ARE USED FOR BAIL OUTS THEN THE GOVERNMENT HAS TO PAY THAT MONEY BACK. GOOD GRIEF...IS CARNEY AN IDIOT OR DOES HE JUST THINK HE CAN STEAL OUR TAXDOLLARS AND CPP DOLLARS TO TRY TO FIX ANY OR ALL OF THE GOVERNMENTS' OR PROVINCIAL PROBLEMS? TAXPAYERS NEED A FORENSIC AUDIT FOR THE PAST 10 YEARS.
Pro tip for Mark: if nobody will buy the inventory, the problem isn't a lack of government money. It's the price.
Even a toddler eventually figures out that when nobody wants the cookie, you lower the price of the cookie.
This isn't a Nobel Prize-level insight. It's the conclusion every garage-sale owner reaches by noon.
I can't wait to hear from the resident elbows up Carney disciple(s).
Few things are more entertaining than watching people contort themselves into human pretzels defending a policy that boils down to: "If buyers won't pay that price, taxpayers should."
And that ignores the real reason he did it-to bail out his BFFs but I digress.
There’s likely a lot more to this bailout than meets the eye, none of it good for the taxpayers and in the end, likely none of it good for consumers either but then again, I’m not as well heeled or connected as Carney is… I’m not a liberal so what do I know!
Here is a law of economics no longer taught in class: government intervention to correct a market failure that isn’t actually a market failure, results in more government intervention to repair the consequences of the previous government intervention, without making the original problem better.
Sometimes, the first best option is to do nothing.
This same government recently bailed out a Quebec trucking company to the tune of $91 million. Where does this leave the THOUSANDS of other struggling trucking companies in Canada? Are they entitled to handouts as well? Where do the bailouts stop? Does the pizza place or the convenience store get government assistance? Or is it just politically strategic companies getting those handouts? Let the capital markets work. Bailouts allow companies to be as reckless as they want, safe in the knowledge that they can get their government to pay their bills should they not be profitable.
Carney and his ilk are managing Canada’s decline through centralized control, where the ability to pick winners, and regulate everything unaccountably, is a form of graft to friends and fellow travelers. It won’t stop. It’s the playbook.
Mark is a commie.
Everybody acts as though the government has money when, in reality, it’s YOUR money.
"The government doesn't have any money. The only power it has is to take from some and give to others."
Milton Friedman
You would think Canadians would get mad, furious at how their tax $$'s are being spent but meah, few seem to care. I don't understand Canadians anymore.
It is good to know the rich will not have to pay for their bad decisions. They can lose millions at a time, and so need a strong social safety net more than the rest of us. It may not be what Marx had in mind, but it is the inevitable outcome of his ideology.
Mark Carney does not believe in markets. He does not have to. The way things are going, the Liberals in Canada are headed for a permanent majority status that means they can do whatever they want and they won't be blamed or voted out. A sort of Institutional Revolutionary Party.
As in Third World countries, institutionalized corruption, punctuated by bursts of authoritarianism, will make most achievements a distant memory. But that will only be an issue for those who remember when Canada was different.
Bailing out developers (East Asian money?) while claiming to provide more affordable housing (and never really doing so) is just one wave of the incoming tide.
The developers can certainly afford to channel some of the money to Liberal campaigns and they will surely find a way to do so.
You are right and this Is utterly depressing.
Canadians voted for it. The country has changed in ways that most of us are only beginning to take in.
It has and I think it is too late. We will never see anything but Liberal and Liberal coalitions in the country again. We are looking for other places to go but so many of the western so called democracies are going in the same direction.
Things are happening more swiftly and deeply in Canada. Starmer had to resign. Carney remains popular.
Which is baffling to me why people don't see it.
Carney has to fix this for them bc he’s in bed with all those foreigners.
I caught this “announcement” with Carney and Eby on BNN Bloomberg last week. The CTV reporter went on and on about how the government is investing in housing and infrastructure. There was no mention of bailing out condo developers who are under water, with taxpayers money. The low information Elbows Up crowd will look at that, believe it all, and reinforce their blind faith in the Liberal regime that is slowly destroying Canada.
Since Mark got selected the destruction is speeding up!
Also of interest is the signing on June 3rd 2026, between Concert Properties and Brookfield on single tenant and multiple tenant properties in Vancouver , Calgary, Ottawa and Toronto that added about $1 billion to the portfolio.....connected?
What of the loan he got from China to cover Brookfield investments in the collapsed Chinese market? Seems connected.
Nothing happens by accident.
So now it’s obvious the Liberals and NDP hate lower house prices !
And love to just add layers and layers of Red Tape , Taxes, Regulations then wander why every developer is getting the Hell out of BC !!!
Add on that the Land Acknowledgment Bullshit !!!
Someone suggested that many of those getting bailed out are Chinese developers. Is this likely?
Look at Sam Cooper of The Bureau's reporting. He has been following this for the last 12 years, the Chinese diaspora's and money laundering in housing.
Did he ever believe in markets?
Or just old-fashioned cronyism?
No financial genius, the Mark Crony.
Carney does not believe in markets. He believes in the state and more likely, the global uber state. His economist creds furthers his image as being somehow different than Trudeau, Klaus Schwab, and the EU technocrats which has served him well at the polls. News flash, every statist variant (socialism to fascism) includes versions of economists justifying the state. In the now ubiquitous end-stage democracies where bankrupt welfare states transition to tyranny, Carney exemplifies the feature rather than the bug.
Bang-on as usual, John.
Photo op for Mr Carney.. being a money guy, economist, i think he knows this is a bad idea. Must be nice to go places and pull out the check book, here ill buy. What other country would do that.?
Were on a train to no where. July 1st CUSMA coming. Hope it looks better. Right..
I can not believe our country. Nothing to be happy about. Where will carney fly off to on July 1st.. just wondering.