Canada's New Agency Tackles Housing Crisis
Canadian Prime Minister Mark Carney announced a new federal agency with C$13 billion in funding to address affordable housing. The agency, Build Canada Homes, aims to ease construction costs and collaborate with private developers to create homes for low-income and middle-class households as part of economic diversification.
In response to the nation's growing housing crisis, Canadian Prime Minister Mark Carney introduced a new federal initiative aimed at boosting affordable housing construction. The agency, dubbed Build Canada Homes, will start with a capitalization of C$13 billion and work closely with private developers to address the needs of both low-income and middle-class families.
Carney emphasized the urgency of the situation during a press briefing in Nepean, Ontario, stating, "We're in a housing crisis." The initiative aligns with Carney's Liberal party's broader efforts to improve affordability, reduce homelessness, and increase overall home construction across Canada, lessons learned from his predecessor Justin Trudeau's tightening approval ratings due to high housing costs.
Further efforts are being made to diversify Canada's economy, historically reliant on trade with the United States, as tariffs complicate economic conditions. Carney noted the expected increase in Canada's 2025/26 deficit, resulting from the ongoing U.S.-led tariff war, with substantial impacts anticipated for the country's financial planning.
(With inputs from agencies.)
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