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Canada  + Cross Border News  + Finance  | 
Photo of Mark Carney.

Carney Interested in Replacing Trudeau as PM

Brookfield Asset Management executive Mark Carney has confirmed his interest in becoming Canada’s next prime minister.

Carney issued a statement saying that he is contemplating a run for the federal Liberal Party leadership and prime minister. The statement marked his first public comments on seeking the roles.

Carney said he is “encouraged and honoured by the support that I’ve already been hearing from Liberal MPs and Liberals across the country,”

He added: “I’ll be considering this decision closely with my family over the coming few days.”

If Carney becomes the Liberal leader while the party is still governing, he will automatically become prime minister. But opposition parties are threatening to bring the government down through a non-confidence motion, and the Liberals’ term is coming to an end. So, he would face a genera election this some time year.

Justin Trudeau announced Monday that he will step down as Liberal leader and prime minister after the party elects a new leader. The outgoing prime minister said he has also obtained permission from Governor-General Mary Simon to prorogue Parliament until March 24.

That means no federal legislation will be introduced, or passed, because Parliament will not be in session. As a result, any real estate-related projects or finance programs tied to pending legislation will not advance.

Carney currently chairs Brookfield Asset Management, which ranks among Canada’s largest institutional investors. He also heads the company’s global-transition investment program. His departure from the company would place billions of dollars of global real estate and infrastructure-related investment under new direction.

The former Bank of Canada and Bank of England governor has never run for political office.

Carney’s statement came after the Toronto Star reported that he was seriously contemplating a run for the Liberal leadership and, therefore, prime minister. According to the Star and other media outlets, he contacted dozens of other Liberal MPs to discuss his potential candidacy.

According to reports, Carney has discussed a potential Liberal leadership bid with dozens of the party’s MPs. Carney elected to stay with Brookfield Asset Management rather than become Canada’s finance minister after Chrystia Freeland resigned abruptly in December because, she said, she had been “at odds” with Trudeau for several weeks.

Freeland also said that she decided to leave cabinet because Trudeau told her that he planned to replace her.

Citing unidentified sources, the Globe and Mail reported that Trudeau told Freeland that he planned to replace her with Carney. Dominic LeBlanc replaced Freeland as finance minister and is also considered a potential Liberal leadership candidate.

It remains to be seen whether Brookfield Asset Management will allow Carney to take a leave from the company, pending the result of a Liberal leadership vote, presuming that he enters the race.

Photo: Brookfield Asset Management

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Inside The Story

Mark CarneyChrystia Freeland

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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