Under Mark Carney, Brookfield cashes in while Canadians struggle with housing affordability

OTTAWA - Under Mark Carney’s leadership in August 2023, Brookfield outlined a deliberate strategy to profit off of high interest rates that were pricing working people out of the housing market. 

Brookfield’s CEO described implementing “opportunistic real estate strategies in order to take advantage of the stress in the market, which is our sweet spot. As the funding markets turn, we expect to be a beneficiary.” Brookfield described it as the most “fruitful” opportunity “since the global financial crisis in 2009.”

Brookfield has been acquiring properties in Canada, including 77 Davisville Ave and three nearby towers in Toronto in September 2024. 77 Davisville Ave currently lists a 427 square foot studio apartment for $2,105 a month - $600 more than the average market rent for a studio in Toronto.

Brookfield Corporation’s Q4 Financial Report shows the company made $3.4 billion on its real estate division in 2024 alone. At the end of that year, Carney’s stock options in Brookfield were worth about $6.8 million.

As Brookfield intentionally cashes in on high interest rates and high rents, Mark Carney continues to avoid questions about his Brookfield assets. 

If he won’t even disclose how many millions he had still has invested in Brookfield, why would average Canadians trust him to fight the housing crisis?