Wednesday September 10, 2025 | EDMONTON, AB [Posted at 10:01 am PT | Updated 12:44 pm]
News & analysis by Mary P Brooke | Island Social Trends
“We’re over the shock but we should never forget the lessons,” said Prime Minister Mark Carney today in a televised speech delivered from Edmonton.
He was referring to how Canada and Canadians have been adapting to what he calls the ‘rupture’ of economic and trade relations with the United States which has set Canada on a new economic course and a fight for sovereignty.
It’s debatable whether the ‘shock’ has subsided… many adjustments are needing to be made and the livelihood of many people and businesses is still in jeopardy.
Big project and new housing strategy:
Tomorrow the anticipated ‘big projects’ for driving economic growth will be announced and next week a new housing strategy featuring Canada Builds Homes will be announced, as revealed by Carney today.
Motivational mode:
Then Carney got into motivational mode, including with a lot of hockey metaphors for what is basic economics and trade development.
“We have to look out for ourselves and we have to take care of each other,” was part of the prelude before getting into the details of what might be described as a hard pivot for the Canadian economy. It’s the Canadian way to work hard, but this will be at a more significant level of effort not seen since after WWII.
While it may have been a long time reaching this crisis time, the collapse of what was once a reliable economy has been in the works for a while with the affordability crisis for many Canadians being the big red flag.
Carney specified slower investment and increased unemployment as two indicators of the shift that is now upon this country.
Being too reliant on a single trading partner (the United States) is Carney’s key point about the requirement for an economic shift. He wants to see an economy that is more resilient, with a foundation on Canadian industries and a broader range of trading partners.
Build big things together:
Canada needs to “set aside our differences and focus on the things that we can control”. He says Canadians can build big things together and empower each other. There are limits to this country’s economic independence, and right now limits need to be tackled head on, the prime minister proposed.
“Change of the magnitude that we’re undertaking is never easy,” said Carney. “This crisis will reveal the character of our nation. This is Canada strong.”
To prosper and succeed it will be necessary to develop and take economic opportunities, but this will take time, the prime minister cautions.
Seven missions:
Carney wants to now “drive the seven missions forward”.
- 1 – Building that new relationship with the United States. He reminds Canadians that Canada is “starting from the best deal of any country in the world”, including that 85% of trade with the US is under the CUSMA free-trade agreement.
- 2 – Moral duty and economic imperative is the framework for a new climate competitiveness strategy based on results over objectives. Big projects will be announced tomorrow.
- 3 – A focus on bringing down costs for Canadians. He highlighted mandatory wholesale access that will reduce broadband costs for Canadian families. The government “will keep finding ways to increase competition… including in banking and retail”. Social programs will be protected including health care, dental, and pharmacare.
- 4 – Making housing more affordable. Build Canada Homes will be launched next week. Carney says the new program will result in housing being more affordable for the middle class. Build Canada Homes will create an entirely new housing industry with Canadian labour and lumber, and in ways that are with lower costs and are more sustainable. Lower utility costs will be a goal in the new housing for a lower impact on the environment. The new program will “not just build houses, but housing that is compassionate, climate-friendly and Canadian”.
- 5 – Protecting sovereignty and security. Canada will re-arm, rebuild and reinvestment in the Canadian Armed Forced (CAF) which includes the largest pay raise in a generation as part of making a historical investment to modernize the military (2% by end of March 2026 and 5% within the next decade). Canadians will build drones and aerospace technologies. There are already new RCMP personnel and border services. A Bill will be introduced this fall to make bail stricter and to — overall — address violence, intimidation and hate. “When laws fail to deliver those basic rights we need new laws.”
- 6 – Immigration will be returned to sustainable levels. “We have to make sure we have the capacity to fulfill that welcome,” said Carney, referring to the strain on housing, public infrastructure and social services. Immigration was at a peak of 7.25% last year, but will be reduced to less than 5%. Immigration will be targeted to the needs of sectors and regions.
- 7 – Austerity. The government says it will spend less so that Canadians can invest more. “These are tough times, we need to make tough choices for a better future.”
House back in action:
The House of Commons fall siting will begin on Monday September 15.
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