Today, the Honourable Randeep Sarai, Secretary of State for International Development and Member of Parliament for Surrey Centre, welcomed the federal government's launch of Build Canada Homes - a new federal agency that will build affordable housing at scale.
Build Canada Homes will transform public-private co-operation and deploy modern methods of construction, as it catalyzes the creation of an entirely new Canadian housing industry. It will leverage public lands, offer flexible financial incentives, attract private capital, facilitate large portfolio projects, and support modern manufacturers to build the homes that Canadians need.
Build Canada Homes will help fight homelessness by building transitional and supportive housing - working with provinces, territories, municipalities, and Indigenous communities. It will build deeply affordable and community housing for low-income households, and partner with private market developers to build affordable homes for the Canadian middle class.
With a bold new approach and unprecedented investments, Build Canada Homes will take the following actions:
- Capitalization: Build Canada Homes will have an initial capitalization of $13 billion so that builders have the financing they need to get big housing projects completed.
- Public Lands: By taking land costs out of the equation, private builders can focus on building. By transferring the Canada Lands Company under the Build Canada Homes portfolio, large affordable housing projects will get built in communities across the country.
- Using innovative technologies and Canadian materials: As part of its mandate, Build Canada Homes will use cost-efficient and modern methods of construction such as factory-built, modular housing, and mass timber. By adopting these methods of construction, Build Canada Homes will catalyze a new housing industry that builds faster and more sustainably year round. By prioritizing Canadian materials such as lumber, aluminum, steel and mass timber, Build Canada Homes will strengthen domestic supply chains, scale up a home-grown housing industry, and creating high-paying careers across the country.
The launch of Build Canada Homes and its initial investments are part of the Canadian government's broader effort to double the pace of housing construction over the next decade. These efforts will ensure that communities across Canada benefit from more affordable housing and a stronger, more sustainable housing system.
