Prime Minister Mark Carney spoke in Edmonton on Thursday, March 20, 2025, where he announced new funding to support housing projects. Edmonton Mayor Amarjeet Sohi was present during the announcement. The Canadian Press
Prime Minister Mark Carney’s new housing program, Build Canada Homes, will focus on building more affordable housing while using Canadian-made materials. The government released a consultation document outlining the plan, which also aims to speed up turning federal land into housing developments.
The program will look for ways to reduce both building costs and environmental impact. It will promote efficient construction methods like prefabricated and 3D-printed homes.
Financial Tools and Support
Build Canada Homes will offer several forms of help to developers. Options include loans, equity investments, property contributions, loan guarantees, and other housing-related investments. The goal is to help projects that create a large number of affordable units.
The plan also supports co-ops, non-profits, and Indigenous housing organizations to increase their housing supply.
Made in Canada Approach
The program will encourage the use of Canadian-made materials and regional production hubs. The government hopes this will support local industries while making better use of public funds.
To stretch every dollar, the plan includes ideas like below-market loans and attracting private or philanthropic investment into affordable housing projects.
Why This Matters Now
Housing affordability is a growing concern across Canada. The Canada Mortgage and Housing Corporation says the country needs 430,000 to 480,000 new homes in the next decade to return to pre-pandemic price levels. Population growth has far outpaced housing construction in recent years.
During the election, Carney pledged $6 billion for Build Canada Homes. He also promised over $25 billion in financing for Canadian prefabricated homebuilders and incentives for companies to hire apprentices and graduates.
Next Steps
The government is asking the public for feedback on the plan until the end of the month. Caroline Desrochers, parliamentary secretary for housing and infrastructure, said they aim to launch the program in the fall.
Officials are deciding whether Build Canada Homes will be a new agency or part of the current Housing, Infrastructure, and Communities Canada department. Desrochers said the goal is to start work right away without adding “more layers of bureaucracy.”
A task force with government and CMHC members is shaping the program’s final design. They are already speaking with developers and prefabricated housing companies to find projects ready for funding and construction.
