Canada Launches $9.4B Agency to Build 4,000 Affordable Homes

Canadian Prime Minister Mark Carney has launched a new federal agency called Build Canada Homes, backed by an initial C$13 billion, to address the country's housing crisis by significantly increasing affordable housing construction. The agency aims to build 4,000 factory-built homes on six federally owned sites across cities including Dartmouth, Longueil, Ottawa, Toronto, Winnipeg, and Edmonton, with plans for much larger future projects. Build Canada Homes will focus on producing deeply affordable, transitional, and supportive housing for low-income households, while also partnering with private developers to create homes for the middle class. The initiative seeks to transform public-private collaboration by leveraging public lands, offering financial incentives, attracting private capital, and using modern construction methods to expedite housing development. Carney's government emphasizes a one-stop-shop approach for builders, faster approvals, and cooperation with provincial, municipal, and Indigenous communities to double housing construction and reduce homelessness. This bold strategy responds to the urgent need for affordable housing, especially for younger Canadians, and intends to stimulate a new Canadian housing industry.