Mark Carney, former governor of the Bank of Canada, emphasized the importance of having a plan during his recent speech at the Council of Foreign Relations in New York. He presented his vision for how Canada can navigate the challenges posed by great power rivalries. Carney highlighted Canada's abundant resources, including clean energy sources like liquefied natural gas (LNG), five of the top ten critical minerals, and a significant presence in the global mining sector with 40 percent of the world's listed mining companies.

He also pointed out Canada's strengths in artificial intelligence, computing, and quantum technology, as well as its robust pension funds. Despite acknowledging that much of Canada's talent and capital flow to the United States, Carney asserted that Canada still embodies values that many around the world aspire to. "We’re a pluralistic society that works… Our public square is loud, diverse and free," he stated, contrasting Canada’s societal framework with the current state of affairs in the U.S.

Carney noted that the Canadian government is aware of the shifting dynamics in international relations and is taking steps to build resilience. These measures include tax cuts, diversifying trade relationships, removing interprovincial trade barriers, fast-tracking infrastructure projects, and doubling defense spending by 2030. He emphasized the importance of developing core capabilities in AI, quantum technology, cybersecurity, and critical minerals for both defense and economic purposes.

However, Carney's initiatives are still in the early stages, and he faces challenges in implementing them effectively. As the leader of a minority government, he must navigate the complexities of coalition-building and manage relationships with progressive backbenchers and opposition parties to secure the necessary votes for his budget. Elizabeth May, leader of the Green Party, expressed frustration this week, stating that the Prime Minister's Office has not responded to her communications.

The government's communication strategy has drawn criticism for being overly cautious, with reports suggesting that ministers and MPs have been instructed to speak only when they have positive news to share. This approach may risk alienating the goodwill that the new government initially enjoyed.

Meanwhile, Conservative leader Pierre Poilievre has been active in the media, attempting to challenge Carney's leadership. He stated, "Let’s hold Mr. Carney to the standards he set for himself," as he seeks to position himself as a viable alternative.

Recent data from the Building and Land Development Association revealed a significant decline in new home sales in Toronto, with an 81 percent drop compared to the ten-year average for August. This trend could lead to lower prices but may also create excess inventory and discourage homebuilders from increasing production. The government has committed to constructing 500,000 homes annually over the next four years, but industry experts warn that achieving this goal may be difficult.