MONTREAL: On Sunday, Canadian Prime Minister Mark Carney revealed a new federal agency backed by an initial C$13 billion ($9.39 billion) in funding aimed at creating affordable housing, fulfilling campaign pledges to enhance residential development.
Build Canada Homes will create affordable housing for low-income families and collaborate with private developers to construct homes intended for the middle class, Carney informed reporters in Nepean, Ontario.
Carney’s ruling Liberal party has committed to enhancing affordability and decreasing homelessness, alongside boosting home construction, following the decline in approval ratings for his Liberal predecessor, former Prime Minister Justin Trudeau, due to high housing costs.
“We’re facing a housing crisis,” Carney stated. “And it will require everyone’s effort to help us through this.”
Carney stated that the agency aims to decrease the risk of construction in the country by lowering initial building expenses and utilizing public lands for housing development.
The ex-central banker has been revealing initiatives lately as a part of a strategy to diversify the economy and lessen Canada’s dependence on the United States amidst increasing tariffs.
“Carney stated, ‘We’re changing Canada’s economy from one that was overly dependent on a single trading partner to a more varied economy.'”
