NATIONAL STORIES
Carney Defends $1.45 Billion BC Housing Plan Amid ‘Bailout’ Accusations
Mark Carney defends a $1.45B plan to turn vacant BC condos into affordable rent-to-own homes, countering Pierre Poilievre’s claims of a developer bailout.
A New Approach to Vacant Inventory
Prime Minister Mark Carney is standing firm behind a controversial $1.45 billion joint initiative between the federal and British Columbia governments to convert unsold, vacant condominiums into affordable rent-to-own housing. During a press conference in Ottawa on Thursday, Carney acknowledged that the government had struggled to communicate the plan’s nuances to the public, admitting that the rollout could have been handled more effectively.
The ambitious plan, first announced last week by Carney and B.C. Premier David Eby, aims to leverage innovative financing to secure more than 2,200 units. By targeting existing inventory that has failed to sell in a cooling market, the government argues it can provide immediate relief to families locked out of the real estate market. Carney emphasized that the strategy is far faster than building new units from the ground up.
Political Backlash and the ‘Bailout’ Narrative
The proposal has faced sharp criticism from Opposition Leader Pierre Poilievre, who characterized the move as a taxpayer-funded bailout for wealthy developers. Poilievre described the initiative as a “transfer of wealth from the have-nots to the have-yachts,” suggesting that the government is shielding the private sector from market corrections at the expense of the public purse.
Carney dismissed these allegations, clarifying that the idea originated with the province of B.C. and not from developer lobbying. “No developer asked for this from me directly,” Carney stated. He further noted that the government intends to acquire these properties at a significant discount, urging critics to judge the program based on the actual economics of future transactions rather than abstract concepts.
Pathways to Homeownership
Under the proposed structure, the federal government would contribute approximately 10 percent of the total $1.45 billion cost, with the B.C. government covering the remainder. The program is designed to help young families build equity over time through a rent-to-own model, a critical bridge for those who lack the substantial down payment typically required in B.C.’s high-priced markets. While the government has yet to confirm if all 2,200 units will follow this specific model, the focus remains on converting vacant luxury assets into accessible community housing.
LOCAL
Where Provincial Jobless Rates Stood in September
Canada’s national unemployment rate reached 6.5 per cent in September. Explore the full provincial breakdown and regional employment figures from Statistics Canada.
National and Provincial Jobless Figures
Canada recorded a national unemployment rate of 6.5 per cent in September, according to data released by Statistics Canada on Oct. 9, 2026.
Across Western Canada, British Columbia’s jobless rate shifted to 6.4 per cent from 6.5 per cent in August. Alberta recorded a rate of 6.4 per cent, down from 6.8 per cent the previous month, while Saskatchewan dropped to 5.4 per cent from 6.0 per cent. Manitoba’s unemployment rate remained unchanged at 5.0 per cent.
In Central Canada, Ontario’s unemployment rate rose slightly to 7.0 per cent from 6.9 per cent in August, while Quebec’s rate reached 6.0 per cent, up from 5.6 per cent.
Atlantic Canada and Regional City Data
In Atlantic Canada, Newfoundland and Labrador reported the highest provincial figure at 9.1 per cent, up from 8.6 per cent in August. New Brunswick saw a minor increase to 7.4 per cent from 7.3 per cent, and Nova Scotia rose to 6.3 per cent from 6.1 per cent. Prince Edward Island experienced a decline, moving to 7.3 per cent from 7.9 per cent.
Statistics Canada also tracked seasonally adjusted, three-month moving average rates for major urban areas. However, the agency cautioned that these municipal figures are subject to wide fluctuations due to smaller statistical sample sizes.
NATIONAL STORIES
What New Brunswick’s Latest Unemployment Figures Mean for Your Community
Statistics Canada reports New Brunswick’s unemployment rate reached 7.4% in September, as Canada lost 68,000 jobs nationally, raising the national rate to 6.5%.
Provincial Labor Market Holds Steady Overall
New Brunswick’s unemployment rate stood at 7.4 per cent in September, up slightly from 7.3 per cent in August, according to the latest figures from Statistics Canada. The provincial labor pool decreased by 200 people during the month, while overall employment dropped by 700 positions, including a loss of 400 full-time jobs. These monthly shifts remain within the agency’s margin of error.
On a year-over-year basis, the province’s economy continues to tread water. Although the current unemployment rate is lower than the 7.9 per cent reported last September, the total labor force remains virtually unchanged. Year-over-year employment shows a modest gain of 2,100 jobs, driven by an addition of 3,900 positions that was partially offset by a decline of 1,800 part-time roles.
National Employment Drops for Second Straight Month
Across Canada, the national economy shed 68,000 jobs in September, pushing the countrywide unemployment rate up to 6.5 per cent from 6.4 per cent in August. The contraction included declines of 35,000 full-time positions and 33,000 part-time jobs. September marked the second consecutive month of national employment losses, following a decrease of 42,000 jobs in August. These downturns come after a stretch of net growth from April to July, which had added 181,000 positions. Over the past year, national employment remains up by 95,000 jobs.
Regional Trends and Sector Shifts
Job losses across the country were led by Quebec, which lost 49,000 jobs, alongside British Columbia, down 20,000, and Manitoba, down 4,400. Conversely, gains were recorded in Alberta, up 23,000, Newfoundland and Labrador, up 1,800, and Prince Edward Island, up 1,000 positions.
Nationally, job declines were concentrated in educational services, manufacturing, as well as health care and social assistance. Growth was observed in repair and maintenance alongside personal or household services. Across the provinces, September unemployment rates ranged from a low of 5.0 per cent in Manitoba to a high of 9.1 per cent in Newfoundland and Labrador.
NATIONAL STORIES
Search Continues After Ontario-Based Medical Flight Vanishes Near Massachusetts Coast
U.S. Coast Guard crews are searching near Nantucket for a missing Latitude Air Ambulance jet carrying four Canadians and two passengers from Bermuda.
Emergency Search Underway Off Nantucket
Air and ground search teams are scanning waters approximately 150 kilometres southeast of Boston after a medical transport aircraft vanished early Saturday morning. Contact with the Gulfstream G100 jet was lost around 1:30 a.m. as it made its approach toward Boston from Bermuda, prompting a response from the U.S. Coast Guard following notification by the Federal Aviation Administration.
Flight Carrying Crew and Patients
The aircraft is operated by Hamilton-based Latitude Air Ambulance. According to Clarence Togeretz, operations manager for the company, six individuals were aboard the flight. The crew consists of two Canadian pilots and two Canadian medical staff members. They were transporting two Bermuda nationals, identified as a patient and a family member.
Response and Ongoing Inquiries
Togeretz confirmed that the company contacted American authorities after the plane failed to land on the tarmac as scheduled. He noted that this marks the first instance where the operator has lost contact with one of its aircraft, adding that the team is holding onto optimism while praying for a safe resolution. Latitude Air Ambulance has reached out to Transport Canada regarding the incident. Meanwhile, provincial air ambulance provider Ornge expressed support via social media, stating it hopes the aircraft and everyone on board are located safely and quickly.
Where Provincial Jobless Rates Stood in September
What New Brunswick’s Latest Unemployment Figures Mean for Your Community
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