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Carney Unveils Build Canada Homes, Targets Six Cities for First Wave of Affordable Housing
Prime Minister Mark Carney is set to launch Build Canada Homes (BCH), a new federal agency designed to accelerate the construction of affordable housing across the country. The initiative will begin with developments on public lands in six cities: Dartmouth, N.S., Longueuil, Que., Ottawa, Toronto, Winnipeg, and Edmonton.
BCH will act as both developer and financier, consolidating existing federal housing programs and providing substantial funding to spur rapid construction. The agency plans to offer $25 billion in debt financing and $1 billion in equity financing, with a strong focus on prefabricated and modular building methods to cut costs and timelines.
The move comes amid warnings from the Canada Mortgage and Housing Corporation that current housing starts fall far short of what’s needed to restore affordability. Carney has framed the initiative as a bold return to large-scale federal involvement in homebuilding, aiming to deliver nearly 500,000 new homes annually over the next decade.
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