Prime Minister Mark Carney on Sunday announced Build Canada Homes, a new federal agency with C$13 billion ($9.39 billion) funding to boost affordable housing across the country.

“We’re in a housing crisis, and it’s going to take all hands on deck to get us out of it,” Carney said at a press briefing in Nepean, Ontario.

The agency will focus on building affordable homes, working with private developers, and using public land to cut costs and speed up construction.

The initiative is part of the Liberal government’s plan to improve housing affordability, reduce homelessness, and address one of the biggest issues facing Canadians.

Carney, a former central banker, is also pushing policies to diversify Canada’s economy and ease reliance on the United States amid trade tensions. The government projects a C$62.3 billion deficit for 2025–26, higher than last December’s forecast of C$42.2 billion.

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