CALGARY — Prime Minister Mark Carney is facing a parliamentary ethics probe after Conservatives raised concerns that he could personally benefit from a proposed taxpayer-backed program aimed at purchasing unsold condominium units in British Columbia.As first reported by Blacklock's Reporter Opposition Leader Pierre Poilievre has requested a special meeting of the House of Commons ethics committee to examine whether Carney has any financial interest connected to a proposed $1.45 billion federal-provincial housing initiative in Metro Vancouver.The proposal would see governments partner to acquire more than 2,200 unsold condominium units and convert them into affordable housing. However, details of the properties involved have not been released.“Mark Carney is building an economy of carve-outs, bailouts and handouts for the Liberal club and higher costs, debt and taxes for everyone else,” Poilievre said in a statement announcing the request for an ethics committee hearing.The committee is chaired by Conservative MP John Brassard..Carney rejected suggestions he may have a conflict of interest, telling reporters Friday that his financial holdings are managed through a blind trust and are subject to ethics screening procedures.“We have several things in this government,” Carney said. “One is robust conflicts of interest and ethics screens which we follow and I follow, and I respect that process fully.”“To be clear, what happens with conflicts is that quite often, the avoidance of perception of conflict as opposed to actual, because of course my assets are in a blind trust,” he added. “I actually don’t know whether or not I have an actual conflict.”Questions have been raised because Carney previously served as chair of Brookfield Asset Management, which has extensive investments in Canadian real estate.In a 2023 letter to shareholders, Brookfield described periods of market distress as opportunities for investors.“Historically many of the substantial gains in real estate were made during periods of capital scarcity,” the company wrote, adding that investors often deploy capital into “opportunistic real estate strategies” during periods of market stress.The proposed Partnership on Condo Conversion program would be jointly funded by Ottawa and British Columbia. Under the plan, governments would purchase vacant condominium units at discounted prices and offer them through affordable housing and rent-to-own arrangements.The proposal has already encountered political turbulence in British Columbia.Premier David Eby suggested last week that the initiative may not proceed if public opposition remains strong..“We will be releasing details about the proposal coming forward,” Eby told reporters. “If people hate it, that’s okay, we don’t have to do it.”Eby acknowledged the rollout had created confusion, saying the federal government had been eager to announce the initiative before all details were finalized.“On this condo proposal, I mean, the federal government was enthusiastic about us announcing this before all the details were out,” he said. “In the absence of details, the plot has been lost a little bit here.”According to Eby, the concept involves purchasing condominium units below construction cost and offering them through rent-to-own arrangements.“The numbers don’t work in Vancouver but they do work in places like the Fraser Valley, Vancouver Island and the Okanagan,” he said.When asked whether the program amounted to a bailout for developers who overbuilt during a weakening housing market, Eby argued the public contribution was smaller than critics suggest.“People should understand the actual amount of money on the table is about $300 million,” he said.However, Eby later confirmed that Carney's characterization of the initiative as a $1.4 billion program was accurate, with Ottawa contributing 10% and British Columbia contributing a matching amount.Eby defended the proposal as a way to acquire housing at discounted prices while helping renters transition into ownership.“We see an opportunity around developers who made a bad bet in regions of the province that are facing losses and will have to sell below the cost of construction, to potentially buy properties and make them available at more affordable rates for people who are renting, without a down payment,” he said.“This comes at no ultimate cost to taxpayers because the mortgage is an asset.”The ethics committee has not yet announced whether it will hold hearings on Poilievre’s request.
