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

Carney Launching Quest to Become Next PM on Thursday: Reports

Brookfield Asset Management executive Mark Carney will officially launch his quest to become Canada’s next prime minister on Thursday, according to multiple reports.

Carney is scheduled to enter the Liberal leadership race in Edmonton, where he grew up, the reports say. The reports are based on a letter that George Chahal, a Calgary MP, sent to fellow Liberals via email and posted on X. Politico also reported that it confirmed Carney’s plan with an unidentified source.

β€œIn an era of global challenges, in a time of economic opportunity, Mark Carney has the experience required and the leadership skills needed to meet those challenges and take advantage of the opportunities,” wrote Chahal.

Carney is expected to be a frontrunner in the leadership race, if he runs as expected. He currently chairs Brookfield Asset Management, which ranks among Canada’s largest commercial real estate investors and deploys capital globally. 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.

Chahal’s letter comes after Carney soft-launched his campaign Monday by appearing on U.S. television in the Daily Show hosted by Jon Stewart. The appearance was out of character for Carney, who usually appears publicly at formal events.

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

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.

The Liberals may decide to hold an election immediately to avoid such a defeat. Since their term is coming to an end, an election will be held at some point this year regardless of the leadership vote’s outcome.

Justin Trudeau announced that he will step down as Liberal leader and prime minister after the party elects a new leader. Trudeau prorogued Parliament, after obtaining permission from Governor-General Mary Simon to prorogue Parliament, until March 24.

The prorogation 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 and bills must be reintroduced.

Carney, a former Bank of Canada and Bank of England governor, has never run for political office.

Photo: Brookfield Asset Management

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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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