Ottawa, ON – Amidst ongoing economic discussions, Conservative leader Pierre Poilievre has voiced strong criticism regarding the current state of Canada's economy, specifically targeting Prime Minister Mark Carney's administration. Poilievre's remarks, shared via a recent tweet, highlight concerns over government spending, inflation, and a perceived lack of progress on key economic files, including resource projects and homebuilding.
"Mark Carney sent everyone home for summer vacation with no budget, a spiralling deficit, inflation up, elbows down, no new resource projects approved and the worst drop in homebuilding in decades," Poilievre stated in his tweet. He further added, "Sure, there have been lots of meetings, politicians patting each other on the back, press conferences, but no results and no plan to get us out of this mess."
Recent financial reports indicate a mixed economic picture. Canada's federal deficit for the 2023-24 fiscal year reached $61.9 billion, exceeding the initial $40 billion projection. However, the Parliamentary Budget Officer (PBO) forecasts the deficit to decrease to $50.1 billion for 2024-25, with a continued downward trajectory expected in subsequent years. Despite the higher 2023-24 figure, Canada's deficit-to-GDP ratio remains among the lowest within the G7 nations. Inflation, which peaked in mid-2022, has shown a steady decline and is anticipated to stabilize around the Bank of Canada's 2% target by early 2025.
On the housing front, national housing starts in 2024 saw a 2% increase compared to 2023, with the six-month trend in June 2025 showing a 3.6% rise. Despite this growth, the Canada Mortgage and Housing Corporation (CMHC) estimates a significant supply gap, projecting a need for an additional 3.5 million housing units by 2030 to restore affordability. While some regions, like Calgary and Edmonton, experienced higher starts, major urban centers such as Toronto and Vancouver saw declines in multi-unit construction in early 2025.
Prime Minister Mark Carney, who assumed office following his leadership of the Liberal Party, has outlined an economic strategy focused on national growth and resilience. His plan emphasizes expanding industrial capacity, strengthening economic security, and accelerating "nation-building projects," including those in the resource sector. Carney has advocated for removing interprovincial trade barriers and aims to position Canada as a "clean and conventional" energy superpower, fostering Indigenous ownership in resource development to boost the economy and reduce reliance on external markets.