Overview of the Promise

During the 2025 federal election campaign, Mark Carney, as Liberal Leader, promised to make generational housing investments aimed at doubling the pace of home construction in Canada to nearly 500,000 units annually. The pledge also committed to driving down the costs of homes, rent, and mortgage payments, addressing the housing affordability crisis that has become a significant barrier for young Canadians.

Actions Taken by the Carney Government

Since taking office as Prime Minister in 2025, Mark Carney has moved forward with several initiatives tied to this promise. In March 2025, Carney unveiled the signature housing policy, dubbed Build Canada Homes (BCH), a federal entity designed to develop affordable housing on public lands and provide financing to innovative home builders. This includes a commitment of $25 billion in debt financing and $1 billion in equity for prefabricated and modular home builders, with the goal of modernizing construction practices and accelerating building on federal lands.

The government has emphasized prioritizing Canadian-made materials and affordable housing projects, as outlined in recent consultation documents released in August 2025. Additionally, efforts to cut red tape and reintroduce tax incentives have been announced to support faster development. These steps are intended to catalyze private investment and restore the notion that hard work leads to home affordability, particularly for younger generations.

Legislation and Policy Developments

To date, no major standalone legislation has been passed specifically enacting the full scope of this promise, but the government has integrated housing measures into broader policy frameworks. The Build Canada Homes initiative was formally announced as part of the Liberal platform and has progressed through executive actions and funding allocations in the 2025 federal budget. Proposed measures include reforms to immigration caps linked to housing availability, aiming to balance population growth with supply. Consultations on prioritizing affordable projects using Canadian materials were released in August 2025, indicating ongoing policy development. However, critics, including the Conservative Party, have pointed out that while promises were made, actual housing starts have declined, raising questions about implementation speed.

Progress on Key Outcomes

The promise specifies doubling the pace of construction to around 500,000 homes per year. As of August 2025, initial steps like funding for prefab builders and land development plans are underway, but national housing starts remain below targets and are reportedly in decline. On driving down costs, the plan aims to reduce home prices, rents, and mortgage payments through increased supply and efficiency, but tangible reductions have not yet materialized amid ongoing market pressures. The government has highlighted sustainability goals, such as promoting mass timber and eco-friendly retrofits, which could indirectly support cost reductions over time.

Challenges and Path Forward

This promise is currently in progress, with announcements and funding commitments showing intent, but full realization depends on scaling up construction rates and achieving measurable cost decreases. To become kept, the government must demonstrate a sustained doubling of annual home builds—reaching approximately 500,000 units—and provide evidence of declining housing costs, rents, and mortgage rates by the end of the term, potentially through independent economic assessments. It would be considered broken if construction fails to increase significantly, costs continue to rise, or key initiatives like Build Canada Homes are abandoned or underfunded due to budgetary constraints or political opposition.

Overall Status

This promise is in progress.