"We are experiencing a housing crisis, and everyone needs to work together to get us out of this situation," Canadian Prime Minister Mark Carney said on 14/9 in a statement announcing the creation of the Build Canada Homes agency.
The agency will receive an initial budget of $9.4 billion to build affordable homes for low-income households and partner with private contractors to build homes for the middle class. According to Prime Minister Carney, the new agency will utilize public land to build 4,000 homes in six cities.
Carney's ruling Liberal Party has pledged to improve housing affordability, reduce homelessness, and increase housing construction. High housing costs were cited as a factor affecting former Prime Minister Justin Trudeau's approval ratings.
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Canadian Prime Minister Mark Carney speaks to the media in Ottawa on 27/3. Photo: AFP |
Canadian Prime Minister Mark Carney speaks to the media in Ottawa on 27/3. Photo: AFP
Carney, the former governor of the Bank of Canada, recently announced a series of projects aimed at diversifying the economy and reducing dependence on the US after President Donald Trump's tariff policies took effect.
Washington's tax policies have slowed Canada's economic activity, impacting housing construction goals. According to data released in August by the Parliamentary Budget Office (PBO), Canada needs about 227,000 new homes annually until 2035 to address the housing crisis.
Earlier this year, Trump signed an executive order imposing import tariffs on all Canadian goods. Excluding Canadian energy, which was subject to a 10% tariff, other products faced a 25% tariff. Canada quickly retaliated by imposing tariffs on $45.9 billion USD worth of US goods in March and April.
By July, Trump announced he would increase tariffs on Canadian goods to 35%. On 22/8, Prime Minister Carney announced the removal of most retaliatory tariffs against the US but maintained tariffs on 46 billion Canadian dollars worth of goods, including cars, aluminum, and steel.
Duc Trung (According to Reuters, Globe and Mail)
