Canada launches Build Canada Homes to boost housing

The Government of Canada launched Build Canada Homes — a new federal agency to build affordable housing at scale.

• Build Canada Homes launched as a Special Operating Agency within Housing, Infrastructure and Communities Canada and will initially be capitalized with $13 billion, will transfer Canada Lands Company into its portfolio, and will evolve into a standalone federal agency in the new year reporting to the Minister of Housing and Infrastructure. It will leverage public lands, offer flexible financial incentives, attract private capital, facilitate large portfolio projects, and finance large housing projects.
• Mandate and methods: Build Canada Homes will focus on deeply affordable, transitional and supportive housing working with provinces, territories, municipalities and Indigenous communities; it will use modern methods of construction (factory-built modular housing, mass timber), prioritize Canadian materials (lumber, aluminum, steel, mass timber), and coordinate with CMHC which will continue delivering existing programs such as the Apartment Construction Loan Program and Mortgage Loan Insurance products.