Canadian PM Mark Carney accused of CRONYISM, LYING over scheme to convert Vancouver condos into 'affordable housing'

Prime Minister Mark Carney’s $1.45 billion condo bailout, that some see as the “Great Canadian Condo Con” on social media, just keeps unraveling – because Carney can’t seem to tell the truth about who influenced him to propose the idea.

Carney initially proposed to partner with the BC government to transform 2,012 luxury condos in the Greater Vancouver Area into affordable housing. The small units with one or two bedrooms were clearly built for wealthy singles or married couples but at a $1 million or more for an asking price, nobody is buying.

Incredibly, Carney claims he doesn’t know if he owns any residential and commercial real estate investments! He did not tell the truth to reporters when asked if condo developers had recommended that he bail out the units.

“Nobody, no developer asked for this for me directly, so that's a simple answer. But I, I want to go to the broader issue, and I want to say up front, I don't think we've done – myself included – a particularly good job of rolling this out and explaining exactly what it is. 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. We start, as we always do, with Canadians. We don't start with developers,” Carney claimed.

However, as The Post Millennial first learned on Monday, Carney met with Vancouver’s “Condo King,” Bob Rennie, in 2025. Rennie bragged about the meeting at a media event. A year later, Rennie was instrumental in organizing a fundraiser for Carney even as he met with BC Premier David Eby – the other partner in the condo bailout who is now desperately trying to run away from the tarnished project.

“But I'm working with Carney, surprise, and I'm trying to get a rental program in where people can buy, put it into a 25 year pool, get a preferred rate from CMHC [Canadian Mortgage and Housing Corporation], 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.”

The Liberal government is trying to promote this project as another response to the lack of affordable housing in Canada but Conservative Party of Canada leader Pierre Poilievre was quick to respond that housing is not going to get any more affordable if the governments of Canada and BC bailout condo developers and keep the price of homes artificially high.

Poilievre is demanding a House of Commons probe into the bailout as it continues to resemble another Liberal boondoggle.

“But not everyone's suffering. There have been some results for some people. The Liberal club of power brokers, lobbyists, and insiders are getting richer than ever, making everyone else poorer. The Carney condo bailout is just the latest example. And why is he bailing out these condo developers who've made billions over the last several decades?” Poilievre asked.

“Well, and I quote, ‘the developers don't want to sell at a loss’. Who does? Somebody's going to lose money, right? The government inflated the housing market into a bubble, and now the bubble burst. So, who's going to pay the price? Mark Carney wants you, the welder, the waitress, the barber, the small business person to pay through your taxes to bail out his developer friends, you, the people who acted responsibly, you, the ones who've been suffering with high prices, you're the ones that the Kearney Liberals want to pay this price”

Meanwhile, David Eby has been doing his best to distance himself from the bailout as the idea has not been popular with his left-wing political base either. While acknowledging the program won’t work in Vancouver, he suggested it would “work in places like the Fraser Valley, Vancouver Island, and the Okanagan. The federal government brought forward to us a proposal that looked a lot like Ontario's, which was the elimination of the GST on new homes, to put it bluntly, that just doesn't work in British Columbia.”

So it is unclear whether Eby is prepared to support Carney’s bailout or not.