Thank you, Mr. Chair and committee members, for inviting me to appear before you today to discuss the proposed measures in Bill C-15, the budget implementation act.
I am pleased to be joined here today by several officials who can answer any of the more technical questions you may have.
As the committee is aware, housing is one of our government's top priorities. That is why in September, Prime Minister Carney and I launched Build Canada Homes, a new federal agency with the mandate to scale up the supply of affordable housing across Canada.
Importantly, Build Canada Homes is part of a much broader set of measures to catalyze the housing industry. By leveraging public lands, deploying flexible financial tools and catalyzing modern methods of construction, the agency is driving a more productive and innovative homebuilding sector.
However, the impact of Build Canada Homes is poised to go well beyond just the housing sector. As a nimble and focused agency, Build Canada Homes is a fundamental shift in how the federal government can invest in our Canadian economy. Build Canada Homes is about building, but it's also about buying, and that's buying Canadian. In these turbulent times, the federal government is committed to being Canada's best customer to help Canadian industries scale up and retool amidst global uncertainty.
Central to Build Canada Homes' mandate is to prioritize projects that use Canadian materials and therefore strengthen domestic supply chains. Every new home means more demand for Canadian steel, aluminum and lumber, and as that construction ramps up, we will grow, train and support Canada's skilled workforce, creating good-paying jobs along the way.
To do all of this critical work, budget 2025 committed an initial investment of $13 billion over five years to support Build Canada Homes. The measures proposed under Bill C-15 here would operationalize Build Canada Homes and ensure that it has the required resources to deliver results, results that Canadians are counting on: from the construction worker who's looking for work to young people looking for their first home for their growing family.
Specifically, these measures will authorize payments out of the consolidated revenue fund of up to $11.5 billion to support Build Canada Homes' operations and activities, primarily the activities in financing affordable housing across the country. This funding will enable the agency to acquire land, partner with developers and make investments that accelerate housing construction through modern construction methods like factory-built housing. We cannot build hundreds of thousands of new homes without the infrastructure that makes communities work.
That brings me to division 4 of part 5 in Bill C-15, which amends the Canada Infrastructure Bank Act.
Budget 2025 announced our government's intention to increase the Canada Infrastructure Bank's statutory capital from $35 billion to $45 billion. This $10-billion increase is a strategic investment in Canada's future. The increase in capital will unlock financing for major projects that drive national priorities. First and foremost is housing, along with trade, decarbonization and indigenous economic development, as well as new investments in key nation-building projects and advanced technologies like AI, all of those in line with the CIB's mandate. These investments will be very impactful and grounded in the real needs of communities across Canada.
The proposed investment is about investing smarter and maximizing the impact of the public dollar. By strengthening the CIB's capital base, the infrastructure bank's funding, we are enabling it to keep pace with pressing national infrastructure needs, supporting good jobs, inclusive growth and a more resilient future for everyone in Canada.
The budget implementation act 2025 is essential to deliver affordable housing at scale and to build the infrastructure required to build at that scale. Our government was elected with a strong mandate to make the generational investments that we need right now and to build strong and sustainable communities.
Thank you again for inviting me. I look forward to answering your questions.
Thank you everyone.