Canada creates Build Canada Homes, a new federal Crown corporation to boost affordable housing supply

Plain-language summary · AI-assisted · not legal advice

The Build Canada Homes Act establishes Build Canada Homes as a federal Crown corporation with a mandate to promote, support and develop the supply of affordable housing in Canada and to advance innovative, efficient construction techniques. The corporation can provide financial assistance, make investments, develop land, construct housing, collect housing data, and enter into partnerships with any level of government or private entity. It has access to up to $11.5 billion from the Consolidated Revenue Fund for its operations, plus borrowing authority of up to $400 million from non-government sources. An existing Treasury Board special operating agency also called Build Canada Homes is being wound into the new corporation, with its staff, assets and liabilities transferring over. Builders, developers, housing investors, municipalities and other organizations involved in affordable housing construction or financing should be aware that this corporation can now become a funding partner, co-investor, lender, or development collaborator.

Who this affects: affordable housing developers and builders · municipalities and provincial governments · construction industry innovators · housing investors and lenders · non-profit housing organizations