Prime Minister Mark Carney has unveiled a sweeping $1.25 billion support package aimed at shielding Canada’s softwood lumber industry from the economic impact of increased U.S. trade penalties. Speaking from the Gorman Brothers Lumber sawmill in West Kelowna, B.C., Carney addressed rising tensions with the United States following its decision to increase anti-dumping duties on Canadian softwood exports from just over seven per cent to more than 20 per cent.
The support measures include $700 million in loan guarantees and an additional $500 million in long-term assistance to help forestry companies expand into new markets and innovate their product offerings. The move underscores Ottawa’s intention to bolster domestic industry resilience as longstanding trade disputes with Washington continue to escalate.
Carney emphasized that Canada must become its own best customer, pointing to a national goal of nearly doubling annual home construction to 500,000 units over the next ten years. This ambitious plan, he noted, could significantly boost the domestic demand for softwood lumber—up to two billion additional board feet—and nearly one billion extra square feet of structural panels.
As part of the broader economic strategy, the federal government will roll out a new Build-Canada Homes initiative this fall to accelerate the development of affordable housing, prioritizing Canadian materials, labour, and innovation. Additionally, a $50 million workforce training program will be launched to up-skill and re-skill workers in the forestry sector, preparing them for evolving industry demands.
“At this hinge moment in history, Canada is starting to shift from reliance to resilience,” said Carney. “Together we are going to write our own story, rather than let others dictate theirs to us. We are building one Canadian economy instead of 13,” he added, referencing the unity of all provinces and territories under this economic vision.