Portrait of Mark Carney
Politician · policy
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Mark Carney on Housing

Massive supply expansion (strong)

TL;DR

Mark Carney champions a massive, government-led effort to double housing construction using modern methods and significant federal financing.

Key Points

  • He launched Build Canada Homes, a new federal agency capitalized with $13 billion to act as a developer for affordable housing at scale.

  • The plan aims to double Canada's current rate of residential construction, targeting nearly 500,000 new homes annually over the next decade.

  • He announced specific measures like cutting municipal development charges in half for multi-unit residential housing and reintroducing a 1970s tax incentive for rental construction.

Summary

Mark Carney has positioned housing affordability as a central policy mission, announcing an ambitious plan to double the pace of residential construction to nearly 500,000 new homes annually over the next decade. His core strategy involves the creation of a new federal agency, Build Canada Homes (BCH), which will act as a developer to build affordable housing at scale, leveraging public lands and attracting private capital. This agency is capitalized with an initial $13 billion to finance, lead projects, and use modern construction methods to cut timelines by up to 50% and costs by up to 20%.

This approach is explicitly modeled on post-World War II government interventions, contrasting with previous strategies by taking a direct, proactive role in development. Beyond the BCH, the plan includes measures to cut municipal development charges in half for multi-unit residential projects and reintroduce a tax incentive similar to the 1970s Multiple Unit Rental Building (MURB) cost allowance to stimulate rental supply. Furthermore, he has announced specific investments, such as a $400-million partnership in Ottawa, to immediately begin construction on thousands of new units using factory-built techniques.

Frequently Asked Questions

Mark Carney's primary goal for housing is to combat the affordability crisis by rapidly scaling up the supply of new homes. He aims to double the pace of construction to almost 500,000 new homes per year over the next decade using federal intervention. He sees this as central to bringing down housing costs for Canadians.

The Build Canada Homes (BCH) agency is a new federal entity established to get the government back into home building. Its key functions include acting as a developer to build affordable housing at scale, catalyzing the housing industry through significant financing, and prioritizing modern construction methods like factory-built homes.

He intends to make building easier by cutting red tape, including halving municipal development charges for multi-unit residential housing. He will also work with provinces to ensure municipalities are financially supported during this transition. Furthermore, the plan seeks to streamline federal processes and encourage the use of innovative technologies to speed up construction timelines.