Canada Launches New Housing Agency With USD 9.6 Billion Budget

Launches New Housing Agency

Canada: The Canadian government has announced the establishment of Build Canada Homes, a new agency that will oversee affordable housing projects involving federal support. Prime Minister Mark Carney said the agency has been allocated CAD 13 billion (USD 9.6 billion) to accelerate homebuilding, with plans to construct 4,000 homes on six federally owned sites in Dartmouth, Longueuil, Ottawa, Toronto, Winnipeg and Edmonton. The agency will also manage a CAD 1 billion (USD 740 million) fund for transitional housing to assist people at risk of homelessness.

According to government officials, the agency will provide financial incentives to reduce construction costs, speed up permitting processes and prioritise cost-efficient building methods such as modular and factory-built housing. Partnerships will include work with the Nunavut Housing Corporation to deliver 700 homes, some of which will be constructed off-site. Build Canada Homes will also continue the rental protection fund and adopt the government’s Buy Canadian policy to support domestic materials and inputs. Ana Bailão, former Toronto city councillor and deputy mayor, has been appointed as the agency’s chief executive.

Source: CTV news