Canada election: Carney calls candidate’s China comment ‘lapse of judgment’ but says he’ll stay on the ballot

Liberal Leader Mark Carney has unveiled an ambitious plan to address the housing crisis in Canada if he is elected prime minister. The proposal aims to significantly boost the rate of residential construction in the country, with a goal of constructing 500,000 new homes annually.

Speaking from Vaughan, Ont., Carney outlined his vision for a public organization called Build Canada Homes (BCH) that would collaborate with the private sector to develop affordable housing. The mission of BCH is to build affordable housing on public lands, stimulate growth in the housing industry, and provide $10 billion in financing to builders who focus on affordable housing.

“We can build things in this country again,” Carney declared, emphasizing the need for action to address the shortage of housing in Canada. In addition to the $10 billion in financing for affordable housing projects, BCH would also offer $25 billion in debt financing and $1 billion in equity financing to prefabricated home builders. Prefabricated homes are constructed in sections at a factory and then assembled on-site.

To further incentivize the construction of rental housing, the plan includes a new tax incentive. Additionally, Carney proposed reducing municipal development charges for certain types of builds to encourage the development of more affordable housing options across the country.

Overall, Carney’s plan aims to double the current rate of residential construction in Canada and tackle the housing crisis head-on. By partnering with the private sector and providing financial support for affordable housing projects, the Liberal leader hopes to make a significant impact on the availability of housing for Canadians.

In conclusion, Carney’s housing plan is a bold and comprehensive approach to address the pressing issue of housing affordability in Canada. If implemented, it has the potential to make a real difference in the lives of Canadians struggling to find affordable housing options.