Prime Minister Mark Carney’s new housing initiative, Build Canada Homes, is set to give priority to projects that deliver large volumes of affordable housing while using Canadian-made materials and innovative building methods. A government consultation document released Monday outlines plans to speed up the conversion of federal lands into housing and reduce both costs and environmental impacts through modern construction techniques such as prefabricated and 3D-printed builds.
The program will explore a range of financial and non-financial tools, including loans, equity investments, loan guarantees, and direct contributions. Feedback from the public and industry stakeholders is open until the end of the month as the government finalizes the design.
In addition to focusing on affordability, Build Canada Homes will back projects by co-operatives, non-profits, and Indigenous housing providers. It also aims to boost regional production hubs, source more Canadian materials, and maximize public investment through below-market loans and partnerships with private and philanthropic capital.
Housing affordability was a key election issue for Carney, with the Canada Mortgage and Housing Corporation warning in June that between 430,000 and 480,000 new housing units must be built over the next decade to restore pre-pandemic cost levels. Carney’s platform pledged $6 billion to Build Canada Homes, along with over $25 billion in financing for Canadian prefabricated homebuilders and incentives for companies to hire apprentices and recent graduates.
Caroline Desrochers, parliamentary secretary to the minister of housing and infrastructure, said the government hopes to launch the program this fall without adding unnecessary bureaucracy. A joint task force of government and CMHC officials is already reviewing potential projects, and talks are underway with developers and modular housing companies to identify builds ready for immediate funding.
If successful, Build Canada Homes could reshape Canada’s housing landscape — delivering thousands of affordable units faster, cheaper, and built with homegrown innovation.