Locked In or Locked Out: Carney’s Plan for a Nation of Renters
By Peter J. Merrick, TEP® and Adrian C. Spitters, CFP®, co-authors of the international bestseller It Starts With Gold™ and the forthcoming book Guns, Gold & Land™
This analysis continues a series of long-form investigations published in The Merrick Spitters Reset Report™
The Risks of Retrofits, Equity Taxes, And Rising Control Over Canada’s Homes
The urgent themes explored in this article are expanded upon in our number one international best-selling book, It Starts With Gold™, co-authored by Peter J. Merrick and Adrian C. Spitters. In the book, we reveal how government policies, inflated asset prices, and manipulated markets are being used to manufacture a dependent society, stripping Canadians of ownership, independence, and the ability to build lasting wealth. Visit www.ItStartsWithGold.com
Canada’s Housing Crisis: From Affordability to Control
Canada’s housing crisis is no longer about supply. It is about control. And under Mark Carney’s leadership, it is rapidly becoming a blueprint for entrenching a two-tier society where owning property is a privilege of the past.
The appointment of former Vancouver mayor Gregor Robertson as federal housing minister made it official that affordability is no longer the goal. Stability is. And by stability, the government means elevated home prices kept artificially high to protect the retirement wealth of existing homeowners and maintain investor confidence in Canada’s real estate market. As Robertson bluntly stated, “We need to deliver more supply, make sure the market is stable.” The idea that more supply would reduce prices is now dismissed. In fact, policies are being designed to ensure that it does not.
This policy direction is not accidental. It is strategic. And it is not just about renters being locked out. It is about homeowners being locked in.
The Disappearing Promise of Ownership
At the heart of Carney’s housing playbook lies a quiet admission that many Canadians will never own. The emphasis is now on subsidized non-ownership housing like social rentals and non-equity co-ops. While these models provide shelter, they offer no pathway to wealth. They stabilize dependency, not prosperity.
The government’s Co-operative Housing Development Program is pumping 1.5 billion dollars into new builds that will never generate equity for their residents. These are not starter homes. These are end stations. And yet they are being promoted as the solution to a crisis created by decades of asset inflation.
Meanwhile, homeownership rates continue to decline. From 69 percent in 2011 to 66.5 percent in 2021 and dropping further still among millennials and Gen Z, Canada is becoming a country of renters by design. For those under 35, one-third needed help from family just to buy. Those without that help are out of luck.
This is not a housing strategy. It is a generational wealth filter.
Why Carney Wants Home Prices Locked In
The true motive for keeping home prices high has now been stated outright by the new housing minister. In a recent interview, Gregor Robertson explained that most Canadians now rely on their homes as retirement vehicles. Bringing down prices would harm that retirement wealth. But it goes deeper.
By maintaining artificially elevated property values, the government also ensures higher tax revenues from municipal property taxes and provincial land transfer taxes. Higher valuations mean higher assessments, and that means more money flowing into government coffers without the political cost of raising tax rates.
As the Breaking Canada Says Home Prices JUST Locked In video explains, protecting asset values has become a core function of government housing policy. Affordable housing is now redefined as non-market housing, while market housing is not to be made more affordable because it would destabilize the retirement expectations of the existing ownership class and the revenue stream that governments quietly depend on.
This is not just about economics. It is about politics, pensions, and public finance. And the result is a system where the next generation is priced out and the last one is locked in.
The Quiet War on Existing Homeowners
While younger Canadians are locked out, current homeowners may soon face new threats from Carney’s net-zero mandates and equity taxation models.
Net-Zero Retrofits – The Trojan Horse of Financial Control
Carney’s climate agenda is clear. He has tied national policy to international net-zero commitments with 2050 as the hard deadline. But these lofty goals come with a cost, one that will be passed on directly to homeowners.
A C.D. Howe Institute study estimates that Canada would need to retrofit over 500,000 homes per year to meet net-zero targets. The annual cost would be up to 6.3 billion dollars. The price per home would be between $20,000 and $60,000, potentially more for older buildings or rural areas.
These costs will not be optional. Under the guise of emissions reduction, homeowners may soon be required to meet net-zero standards to refinance, renew mortgages, or even list their properties for sale. This green compliance regime could be enforced by financial institutions in partnership with government climate objectives, effectively turning private property into regulated carbon zones.
And for homeowners who cannot afford the retrofits, the state’s solution will be debt financing tied to green lending programs, locking families into long-term obligations just to keep the homes they already own.
This is not environmental policy. It is behavioural enforcement.
The Home Equity Tax: Preparing for the Squeeze
While net-zero mandates create the stick, home equity taxation offers the carrot, at least for those pushing the policy.
Although the federal government has denied plans to implement a home equity tax, the paper trail tells a different story. Backed by think tanks such as Generation Squeeze and floated through policy advisory channels, the proposed tax would apply to homes valued at over 1 million dollars. While pitched as a modest surtax, even a 0.2 to 0.5 percent annual charge would cost the average Toronto or Vancouver homeowner thousands per year.
The idea is gaining traction, especially as the government searches for revenue in the face of unsustainable deficits. And it aligns perfectly with Carney’s technocratic vision to redistribute wealth from asset holders under the banner of equity while using climate policy as the mechanism of extraction.
This is how wealth confiscation begins in a post-property society.
Should You Keep or Sell
These trends leave Canadian homeowners with a difficult question. Is it worth holding on?
If Carney’s policies continue, the cost of owning a home could rise sharply, not from interest rates but from compliance taxation and liquidity barriers. Retrofitting costs, restricted financing, and capital drains through equity taxation could dramatically reduce the financial benefit of ownership.
Those nearing retirement or living on fixed incomes may find it increasingly difficult to maintain their homes under new policy regimes. Selling while prices remain high and downsizing into more manageable energy-efficient alternatives or even renting could become the rational choice.
Others may choose to hold retrofit early and accept the new normal. But doing so requires significant capital and a tolerance for ongoing policy risk. In both cases, homeowners must now treat their properties not just as assets but as political liabilities.
The Bigger Picture: From Ownership to Oversight
Carney’s housing plan is not just about affordability. It is about asset management at scale. By tying homeownership to climate targets digitized mortgage control and taxation the federal government is turning real estate into a tool of compliance.
In It Starts With Gold™, we warned that the system would evolve to separate people from their property. The shift to a rent-based model is just the beginning. What comes next is even more dangerous: the total financialization of your home as a tokenized, surveilled, and regulated unit inside a digital compliance grid.
What You Can Still Do
There is good news. Canadians are not powerless. In fact, this moment offers a unique opportunity to reassess, take control, and secure your financial future outside the system being built around you.
Keeping your home and preparing proactively offers emotional security, long-term appreciation, and control over your environment. However, it also means facing increasing compliance costs, tax burdens, and potential restrictions when refinancing or selling. For those with strong cash flow and long-term intentions, it may still be worth it.
Downsizing into a more efficient, newer home could help you sidestep some of the compliance risk. A smaller property may cost less to retrofit and could potentially qualify for exemptions or already meet net-zero benchmarks. But it still leaves you exposed to the same taxation and policy shifts and the transaction costs can be significant.
Selling your home and renting might feel like surrendering, but in reality, it may unlock strategic advantages. You eliminate retrofit obligations, property tax hikes, and the risk of policy entrapment. It offers liquidity and flexibility, especially if you reinvest wisely. The downside is losing equity exposure and potential vulnerability to rising rents and landlord conditions. For some, it is a short-term step toward long-term freedom.
Whichever route you take, it is wise to reallocate wealth into assets that lie beyond the reach of policy-driven erosion. Gold farmland private income-generating real estate held in non-bank structures and participating whole life insurance with mutual companies are all examples of asset classes that resist inflation surveillance and government overreach. These real assets preserve purchasing power and offer greater privacy and multigenerational continuity. Illiquidity can be a downside, but when structured properly, it provides both protection and passive income.
In It Starts With Gold™, we lay out these strategies in detail and explain how Canadians can exit the collapsing asset framework while there is still time. Ownership must be redefined not as a deed to your home but as sovereignty over your future.
To find out more, order your own copy of It Starts With Gold™ on Amazon today. CLICK HERE
Legal Disclaimer
This article is intended for informational and educational purposes only. It is not financial, legal, or tax advice and should not be relied upon as such. Selling a home or reallocating assets is a personal decision that must be made based on your own financial circumstances, goals, and risk tolerance. Always consult a licensed financial advisor or professional before making any major financial decisions.
References
Housing Policy and Political Strategy
- Canada’s Housing Plan Progress – Government of Canada
- Federal Government Announces First Projects Funded Under New Co-operative Housing Development Program – CMHC
- Breaking: Canada Says Home Prices JUST Locked In – YouTube (Sky News/CTV)
- New housing minister’s comments on home prices raise eyebrows – City News
- Canada’s New Housing Minister Doesn’t Think Prices Need to Come Down – CTV News
- Familial support in entering the Canadian housing market
Climate Policy and Net-Zero Housing Strategy
- Mark Carney’s Climate and Net-Zero Plan – ClearBlue Markets
- Canada’s Net-Zero Home Retrofits and Financial Climate Compliance – It Starts With Gold Blog
- Net-Zero Home Retrofits Would Cost Up to $6.3 Billion Per Year – C.D. Howe Institute
- Canada Needs a Better Approach to Net-Zero Home Renovations – Hill Times
- Deep Energy Retrofit – Wikipedia
Home Equity Taxation and Revenue Strategy
- Home Equity Tax Proposal – Generation Squeeze
- Home Equity Tax Petition Explained – 360 Lending
- Home Equity Tax in Canada – The Homes
- Home Equity Tax Backgrounder – Canadian Taxpayers Federation (CTF)
- Home Equity Tax in Canada – Wikipedia
Ownership Trends and Demographic Impact
