‘Prefabricated and modular housing are the future’: Carney unveils new housing plan
'We solved a housing crisis before in our past, we can solve the housing crisis now,' said Liberal leader
Liberal Leader Mark Carney unveiled his signature housing policy Monday, promising to double the number of homes built annually in Canada to nearly 500,000.
"My new Liberal government is flipping the script on housing with a new approach to build faster, build smarter and to build more affordably," Carney said during a campaign stop in Vaughan, Ont.
"We're going to unleash the power of public/private co-operation at a scale not seen in generations," he added.
To get that done, a Carney-led Liberal government says it would create an entity called Build Canada Homes (BCH) that would act as a developer overseeing the construction of affordable housing in Canada.
Describing BCH as a "lean, mission-driven organization," Carney said it will provide tens of billions in financing for new affordable housing projects across the country.
Carney explained that BCH will be a stand-alone entity, rather than being placed under the stewardship of the Canada Mortgage and Housing Corporation (CMHC), because big organizations "work better if they have a sole purpose."
To get affordable home building started, BCH will supply $25 billion in debt financing and $1 billion in equity financing to "innovative Canadian prefabricated home builders."
A Liberal Party backgrounder explained that BCH will also issue bulk orders of housing units from Canadian modular and prefabricated home builders in order "to create sustained demand."
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