Young folks who can’t afford homes feel BETRAYED by Liberals… So, why should they Vote for Mark Carney when the incumbent government has let them down?

Just when Canadians are asking,

Young people who can’t afford homes feel betrayed by their country…. Why should they Vote for Mark Carney when Liberals have let them down?

From Mark Carney’s federal Liberal leadership campaign to Ontario Premier Doug Ford’s reelection bid, housing has been shoved to the very edges of the back burner. Even federal Conservative leader Pierre Poilievre, whose own 2022 leadership run prioritized housing, doesn’t mention it much anymore.

Given that housing represents the largest expense in many Canadians’ lives, rising costs that have far outpaced wages leave Canadians vulnerable to economic shocks, with little financial wiggle room in the face of turmoil.

Tariffs, and even the economic uncertainty that comes with the mere threat of them, slows investment, pauses hiring, and increases the prospect of widespread layoffs and income loss. While this would be damaging during any time, it’s particularly so during an era where half of Canadians live paycheque to paycheque and monthly food bank use is at all-time highs, a situation driven in part by the stress of high housing costs. For many Canadians, especially younger ones who’ve had the unlucky double whammy of less time to save and more exposure to housing spikes, there is simply no rainy day padding in the bank account to now handle an economic downturn.

High housing costs don’t only expose the public purse to unacceptable risk, layoffs and industry changes are also much more difficult for workers to respond to when they’re geographically locked in place. Politicians love to talk about internal trade barriers these days. But unaffordable housing is an internal trade barrier: It prevents the flow of workers and capital financially locking them in place. Many renters can’t move without an effective doubling of their rents or a significant downgrade to their quality of life.

Homeless Millennials

On a related note,

Mark Carney’s Scandals: Bank of Canada Tenure – Housing Market Risks (2010-2013)… “Father of Housing Crisis –kickstarted Housing Affordability Crisis, fueling rampant real estate speculation, irresponsible QE, and failed to mitigate the problem”

Mark Carney served as the Governor of the Bank of Canada (BoC) from 2008 to 2013, a period that included the aftermath of the global financial crisis (GFC) and a rapidly heating Canadian housing market. Carney’s tenure has faced criticism—particularly regarding his handling of housing market risks and low interest rates that may have contributed to Canada’s housing affordability crisis.

Mark Carney: ‘Father of Housing Crisis’

Carney slashed the overnight rate from 2.25% (Oct. 2008) to 0.25% (Apr. 2009) in less than a year. The rate cuts kickstarted the housing debt boom that fuel rampant real estate speculation which turned into today’s housing affordability crisis.

As if not bad enough, he also implemented Quantitative Easing (QE) irresponsibly and failure to implement alternative Policies to mitigate the problem. Unlike the U.S., Canadian banks also didn’t stop mortgage lending and this helped house prices rebound too quickly leading to disastrous consequences.

Carney lit the match, and others poured gasoline

When Carney left for the Bank of England in 2013, the rates were still just 1.00%. And his successors (Poloz, Macklem) kept rates low for even longer just to exacerbate the crisis.

Final Verdict: Carney’s Rate Cuts Started the Problem, But Others Made It Even Worse

Analogy: Carney gave Canada painkillers for a broken leg (2008 crisis). Later leaders never fixed the leg, just kept upping the dose (low rates + debt)…

Key Controversies & Criticisms During Carney’s Tenure (2010-2013)

1. Keeping Interest Rates Too Low for Too Long

• After the 2008 financial crisis, the BoC under Carney slashed its overnight lending rate to a historic low of 0.25% in 2009 and kept it at 1.0% until 2010, then slowly raised it to 1.25% by late 2010 before pausing due to global economic uncertainty.
• Critics argue that ultra-low borrowing costs fueled excessive mortgage lending, driving up home prices, particularly in Toronto and Vancouver.
• The cheap credit environment led to a surge in household debt, with Canada’s debt-to-income ratio rising sharply.

2. Failure to Tighten Mortgage Rules Sooner

• While Carney did introduce some mortgage rule tightening (e.g., reducing maximum amortization periods from 40 to 30 years in 2011 and then 25 years in 2012), critics say these measures were too little, too late.
• The housing bubble continued to inflate, with prices rising by over 50% in some markets between 2009 and 2013.
• Some economists argue that Carney should have imposed stricter mortgage qualification rules earlier or worked more aggressively with regulators (OSFI, CMHC) to curb speculative buying.

3. Public Downplaying of Housing Risks

• In 2011-2012, Carney repeatedly stated that Canada’s housing market was not in a bubble but instead experiencing a “slowdown” or “soft landing.”
• However, by 2013, even the IMF and OECD warned that Canada’s housing market was overvalued by 10-30%.
• After Carney left for the Bank of England in mid-2013, his successor, Stephen Poloz, faced a much more inflated market, leading to further regulatory tightening.

4. Legacy: Did Carney Inadvertently Fuel the Housing Crisis?

• Critics, including former Parliamentary Budget Officer Kevin Page, suggest that prolonged low rates and lax mortgage rules under Carney set the stage for Canada’s current affordability crisis.
• By the time Carney left in 2013, household debt had reached 165% of disposable income, a record high.

Aftermath & Long-Term Impact

• Carney’s successor, Stephen Poloz, had to introduce tougher stress tests in 2016-2017 to cool the market.
• Today, Canada’s housing affordability is among the worst in the developed world, with prices nearly doubling nationally since 2013.
• Some economists argue that if the BoC had raised rates sooner or tightened mortgage rules earlier, the bubble might not have grown as severely.

More details of the scandal here:-

Mark Carney kickstarted Housing Affordability Crisis by slashing Interest Rate to the Lowest possible at 0.25%, fueling rampant real estate speculation along with irresponsible QE and failure to implement alternative Policies to mitigate the problem

And what’s Carney’s solution to the very crisis he kickstarted?

Here’s what Mark Carney proposed: Build lotta prefab houses (apparently the prefab houses are produced by his company?)

Yes, Mark Carney wants us to believe Housing Crisis can be resolved with some ridiculous ‘Kiddie Voodoo House Designs’… See the debut of his “Building Canada Strong” House Designs for yourself… HERE

Judging from this ‘brilliant idea’, Mark Carney either has No Idea What’s Causing the Housing Crisis, or he’s just another Political Low Life?

The truth is no amount of prefab houses can help the housing crisis.

Why?

Because unaffordable house prices aren’t caused by the house, but the very land it’s standing on. For example, the building of a $3 million dollars house in Toronto may cost just about $750,000 to build, the rest is land cost. In another word, what good is Carney’s “Kiddie Voodoo Prefab House”… even it costs only say, $100,000 a pop? The house in question will still cost as much as $2.25 million +$100K = $2,350,000.000!

Yes, the Father of Canadian Housing Mark Carney wants us to believe having prefab houses alone will resolve the HOUSING CRISIS created by none other the Bank of Canada’s Governor (Mark Carney himself) a decade ago!

Fact: Housing crisis absolutely has nothing to do with house design and no design can ever resolve the housing crisis — simply because the root of crisis due to the literal ZERO 0% Interest Rate introduced by none other Mark Carney our Housing Crisis Genius… sigh.

Mark Carney kickstarted Housing Affordability Crisis by slashing Interest Rate to the Lowest possible at 0.25%, fueling rampant real estate speculation along with irresponsible QE and failure to implement alternative Policies to mitigate the problem

Revolution above, homeless below

That said,

Question:

• Why should young folks believe Mark Carney could solve the Housing Crisis when he either doesn’t know the biggest chuck of house prices is the LAND, not the dwelling building itself (or he’s lying through his teeth)?
• Why would anyone thinks a proven hypocrite with scandalous track records like Mark Carney will have folks interest at heart?

Last but not least,

• Why Do Young Canadians Want An Incompetent Privileged Oligarch To Be Their Prime Minister?

Canada’s Homelessness

Related Scandals:-

• Mark Carney’s Scandals: Negative Interest Rates Controversy (2020)… “Voodoo Economist proposed to Steal Savings, punish Prudent Britons, damaged public trust in central bank policies”
• Mark Carney kickstarted Housing Affordability Crisis by slashing Interest Rate to the Lowest possible at 0.25%, fueling rampant real estate speculation along with irresponsible QE and failure to implement alternative Policies to mitigate the problem
• Mark Carney’s Scandals: Bank of Canada Tenure – Housing Market Risks (2010-2013)… “Father of Housing Crisis –kickstarted Housing Affordability Crisis, fueling rampant real estate speculation, irresponsible QE, and failed to mitigate the problem”
• Mark Carney’s Scandals: The Silentus Scandal (2022-2023)… “Elite Privilege & Revolving Door Hypocrisy cashing in regulatory connections raised ethical concerns”
• Mark Carney’s Scandals: Global Citizen Tax Evasion (2021)… “Elite Tax Evasion by creepy Oligarch abusing the ‘Non-Dom’ tax status — Monkey See, Monkey Do”
• Mark Carney’s Scandals: Climate Activism and Political Overreach (2019-2020)… “Unelected Woke Banker dictating energy policy aka Green Jihad by another Woke Central Banking Elite disconnected from cost-of-living”
• Mark Carney’s Scandals: UN Climate Role and Private Sector Ties (2020-Present)… “Davos Elite Scammer lying through his teeth on Net-Zero Greenwashing and collecting Double-Dipping Compensation without Zero Accountability”
• Mark Carney’s Scandals: Bank of England’s Brexit Doom Forecasts WRONG (2016-2017)…”Carney the Catastrophist scaremongering with broken crystal ball, resulting in Public Distrust in institution with Zero Credibility left”
• Mark Carney’s Scandals: Biased Brexit Fearmongering by Failed Second-Tier Canadian Politician (2016)… “The Boy Who Cried Wolf peddling phony elite conspiracy, overstepped his role and meddling with British politics

Canada’s Widespread Homelessness Due To Housing Crisis