Mark Carney Unveils Plan to Build 500,000 New Homes Annually to Address Canada’s Housing Crisis

Amid Canada’s ongoing housing crisis, Liberal Leader Mark Carney has announced plans to build approximately 500,000 new homes per year and establish a new housing agency called Build Canada Homes. This agency will serve as a developer overseeing the construction of affordable homes across the country if Carney’s government returns to power.

Carney stated that his government would double the number of homes built, which he believes will help lower housing prices. It’s important to note that house prices in Canada have risen significantly in recent years, with the average price of a home in February 2025 recorded at $713,700.

While this is a drop from the 2022 peak, when prices surged to an average of $852,000 due to the COVID-19 pandemic, prices have still increased significantly. When the Liberals took power in 2015, the average price was around $441,000. In 2006, during Conservative leadership, the average price was approximately $263,000.