Prime Minister Mark Carney has announced Build Canada Homes (BCH), a major initiative aimed at constructing and financing affordable housing across Canada with a budget of $13 billion.

In a bold move aimed at addressing Canada’s pressing need for affordable housing, Prime Minister Mark Carney unveiled the launch of Build Canada Homes (BCH) on Sunday. Former Deputy Mayor of Toronto, Ana Bailão, has been appointed as CEO of the new initiative, which seeks to expedite the construction of affordable housing across the nation.

The announcement took place at a modular housing site located in Carney’s electoral district of Nepean in Ottawa. Joining him was Housing Minister Gregor Robertson, underscoring the government’s commitment as Parliament prepares to reconvene for its fall session.

BCH is tasked with financing and constructing homes that ensure monthly rents or mortgage payments do not exceed 30 percent of household income before tax. This effort targets middle-income earners as well as those on lower income scales, including minimum-wage workers, seniors on fixed incomes, students, and individuals experiencing or at risk of homelessness.

The government aims to develop large-scale affordable housing projects ranging from transitional accommodations to community and multi-unit residences. However, single-family detached homes will not be included under this program according to officials' briefing documents.

An initial step involves collaboration with the Canada Lands Company to transform six federal land sites into developments accommodating 4,000 factory-built homes. Construction is projected to commence by 2026. Nevertheless, it may take several years before these dwellings are ready for occupancy.

The BCH initiative commands an impressive $13 billion in initial funding. Of this budget, $1.5 billion is allocated specifically through the Canada Rental Protection Fund dedicated to safeguarding existing affordable rental options. Additionally, $1 billion is earmarked for transitional housing projects assisting those potentially facing homelessness.

Moreover, BCH will collaborate with Nunavut Housing Corporation aiming towards establishing over 700 affordable units within Northern regions where demand is particularly critical.

While outlining this ambitious plan for increasing affordable housing supply nationwide earlier today faced skepticism from opposition parties; Conservative Leader Pierre Poilievre criticized adding bureaucracy instead addressing underlying issues hampering construction efforts:

"We have builders willing partners already equipped resources eager commence work," stated Poilievre during speech MPs gathered caucus meeting concluding: “It took six months set up office still hasn’t delivered single home."