On the latest episode of TRREB’s Ready to Real Estate Podcast, TRREB CEO John DiMichele sits down with Steve Paikin, journalist and host of The Agenda on TVO, to discuss the shifting political landscape and practical implications for all levels of government, especially here in Ontario.

Canada has recently emerged from a pivotal federal election, the Carney-led Liberal government now faces the tall task of navigating housing, affordability, infrastructure, and the federal-provincial collaboration, all while working to maintain national unity and economic stability in the face of U.S. tariffs and a trade war. What does this mean for Canadians? Let’s dive in.

Post-Election Federal Landscape

Before the election, the public had realized the Liberal Party under Mark Carney was not the same party  it was under Justin Trudeau. Steve explained that it wasn’t the party people disliked—it was the leader. Once Trudeau stepped down and Carney became leader, the Liberals were able to rebrand and as Canadians started to consider the threat posed by Trump, “Carney started to look like the adult in the room,” says Steve.

A prime minister has multiple mandates at the same time. Steve explains that Carney and the Liberal government will have three jobs: maintain national unity and eliminate interprovincial trade barriers; redefine Canada’s relationship with the U.S to protect sovereignty; and increase housing supply across Canada.

“Is he serious about making Canada the 51^st state?” asks Steve. “I think if he could do it he would.” This government must maintain sovereignty and address trade barriers among provinces.

 “The amount of economic benefit we could realize from getting rid of all trade barriers among provinces would be far more significant than the detriment we would suffer that the Americans put in,” Steve explains. Carney has set a July 1 deadline to deliver on this, and Canadians will have to wait and see if he follows through.

Housing

Housing was a central issue in the federal election, and Carney has promised a more hands-on role from the federal government. TRREB continues to work with all levels of government on initiatives that promote fair and equitable taxation, reduce barriers to homeownership, and expand housing supply options.

TRREB’s CEO John DiMichele says, “We need to see a reduction of red tape, improvements to the permit process so it’s faster, better innovation, and reducing costs—including development charges.”

Municipalities need more funding to build more housing. At the same time, we need supporting infrastructure and employment opportunities for those living in these new communities.

There are clear challenges to boosting supply. But with additional support and funding from provincial and federal governments, we could kickstart home construction and improve affordability for both buyers and homeowners.

Economic Outlook and National Priorities

Our national priorities include protecting Canada from Trump’s policies and strengthening the domestic economy. John noted that the federal budget will be a pivotal moment for Canadians and the Liberal government.

Creating the federal budget will be particularly hard because of all the unknowns due to the trade war and tariffs imposed by U.S. President Donald Trump. Steve says, “How do you know how much money you have to go to the markets to borrow in order to take care of all your promises, you can’t.”

Finally, Carney only has a minority government, which means he will have to learn to work with other parties to get bills passed. “Whenever you’re a prime minister in a hung Parliament, your biggest risk is having your government fall at the end of the day,” says Steve. We just came through an election cycle, so nobody is thinking about that right now, the Carney government must stay one step ahead to maintain its leadership.