Ottawa’s new tone on trade and democracy could shape funding, risk and housing demand
Canada’s prime minister Mark Carney used a post‑Davos address in Quebec City to sharpen his message on democratic backsliding and great‑power rivalry – and to frame Canada as a country that would chart its own course even as it depends on global markets.
For mortgage and housing professionals, the remarks point to a government intent on balancing geopolitics, cost‑of‑living pressures and long‑term investment.
Carney’s national address, delivered at the historic Citadelle above Quebec City’s old port, followed his much‑dissected ‘Carney Doctrine’ speech at the World Economic Summit in Davos, where he warned that “great powers” are using economic “coercion” as a weapon and that the rules‑based order is fraying. In Quebec, his focus turned to Canada’s role in that environment and what kind of country it intends to be.
Unity message framed for a volatile economy
“Canada cannot solve all the world’s problems, but we can show that another way is possible: that the arc of history isn’t destined to be warped towards authoritarianism and exclusion, it can still bend towards progress and justice,” he said.
The prime minister repeatedly linked domestic cohesion and social programs to economic resilience, pledging to move “fairly and fast” on major infrastructure projects and to confront the cost‑of‑living crisis.
He cast that agenda as part of a longer Canadian story that moved “slowly, imperfectly, not without struggle” toward cooperation among diverse communities, while acknowledging the “dispossession” of Indigenous peoples and the continuing “violation” of treaties.
“When we are united, unity grows. When we are Canadian – inclusive, fair, ambitious – Canada grows,” he said.
The prime minister argued that "Canada must be a beacon — an example to a world at sea."
"In a time of democratic decline, we can show how rights can be protected, and equal freedoms endure," he said.
"In a time of rising walls and thickening borders, we can demonstrate how a country can be both open and secure, welcoming and strong, principled and powerful."
Trade tensions and diversification push
Carney’s remarks also carried a response to US president Donald Trump, who told Davos attenders that “Canada lives because of the United States” and suggested Carney should be more “grateful” for American economic support.
“Canada and the United States have built a remarkable partnership. In the economy, in security and in rich cultural exchange. But Canada doesn’t live because of the United States,” Carney said. “Canada thrives because we are Canadian. We are masters of our home. This is our country.”
The clash came as Washington prepares to revisit the CUSMA trade agreement and as one of Trump’s senior advisers, US commerce secretary Howard Lutnick, warned that closer Canadian ties with China would carry consequences, calling Carney’s Davos speech “political noise”.
Conservative leader Pierre Poilievre, for his part, argued that “we have had enough words” and pushed for accelerated resource projects and pipelines.
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