MONTREAL (Reuters) -Canadian Prime Minister Mark Carney on Sunday announced a new federal agency supported by an initial C$13 billion ($9.39 billion) in capitalization to build affordable housing, following campaign promises to bolster residential construction.
The agency, Build Canada Homes, will construct affordable housing for low-income households and work with private developers to build homes aimed at the middle class, Carney told reporters in Nepean, Ontario.
Carney’s ruling Liberal party has pledged to improve affordability and reduce homelessness, while increasing home construction after high housing costs hurt the approval rating of his Liberal predecessor, former Prime Minister Justin Trudeau.
(Reporting by Allison Lampert in Montreal; Editing by Paul Simao)