THUNDER BAY – POLITICS 2.0 — As the housing affordability crisis deepens across Canada, critics are pointing the finger squarely at the federal Liberal government and its longtime economic advisor, Mark Carney. With home prices outpacing income growth and rental markets under severe strain, Conservative opposition voices are drawing attention to the role of major financial institutions—particularly Brookfield Asset Management—and the perceived policy failures of the Trudeau government.
A recent Habitat for Humanity Canada survey found that:
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82% of Canadians worry the housing crisis is affecting their health and well-being.
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88% of renters believe homeownership is now out of reach.
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59% of Canadians—and 75% of renters—report having to sacrifice essentials like food, clothing, or education to meet housing costs.
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One-third of Canadian Millennials would consider moving abroad to find affordable housing.
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Nearly half of Millennials are delaying starting a family due to housing costs.
Brookfield’s Role in a Booming Housing Market
Brookfield Asset Management, where Mark Carney previously served as Vice Chair, is one of several large institutional investors that has expanded its footprint in Canada’s real estate market. According to Brookfield’s own reports:
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The company recorded nearly $1.5 billion in housing-related revenue in 2024, with average home prices in its portfolio around $600,000.
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Brookfield owns 73,337 single-family lots across Canada.
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Its Canadian residential real estate portfolio is valued at approximately $5.3 billion.
Critics have accused Brookfield and other institutional landlords of fueling the crisis by engaging in “renovictions”—evicting tenants under the guise of renovations to dramatically increase rents afterward. These practices, while legal in many jurisdictions, have been widely criticized as undermining affordability and stability for low- and middle-income Canadians.
The Carney-Trudeau Connection
Mark Carney, a former Governor of the Bank of Canada and Bank of England, has been a key economic advisor to Prime Minister Justin Trudeau over the past five years. Conservative Party members argue that Carney’s deep ties to Brookfield raise conflict-of-interest concerns—especially given his refusal to publicly disclose the extent of his financial holdings.
“Mark Carney helped build the system that benefits from housing scarcity,” stated one Conservative spokesperson. “With him shaping Liberal economic policy, it’s no wonder that taxes remain high, construction is bogged down in red tape, and insiders continue to profit while Canadians struggle.”
According to data from the OECD and Bank of Canada, housing prices in Canada have risen faster than any other G7 country since 2015. In many markets, home prices have more than doubled, making ownership unattainable for a growing segment of the population.
In cities like Thunder Bay, where rental availability is tight and home prices have climbed steadily, the impact is being felt acutely by younger generations, Indigenous residents, and working families. While Thunder Bay remains more affordable than larger urban centres, local housing advocates warn that investor activity and limited new construction threaten to shift that balance.
What Comes Next?
As Canadians head toward a federal election, the political debate over housing is intensifying. Conservatives are framing the crisis as a product of failed Liberal leadership, arguing that Canada needs a fundamental reset on housing policy—one that reduces bureaucratic delays, lowers taxes on homebuilding, and limits corporate monopolization of the market.
“The Liberals had a decade to fix the housing crisis—and they doubled costs instead,” said the opposition release. “It’s time for change. It’s time to put Canadians first.”
