Canadian Prime Minister Mark Carney will make housing one of his top economic priorities for his incoming government.

In the April 28 federal election, Carney and the Liberals defeated Pierre Poilievre and the Conservatives, obtaining a minority government. Now that the campaign is over, the prime minister and the Grits will get to work and submit policies to grapple with some of the nation’s biggest challenges.

The prime minister, in his first press conference since winning the election, vowed to transform Canada’s economy as the country engages in battles at home and abroad. A key plank of his government’s priorities will be housing, pledging to “create an entirely new Canadian housing industry.”

As part of a broader effort to double the pace of homebuilding to approximately 500,000 new homes per year, Carney has revealed several key ideas to achieve this lofty aim:

• Extend $25 billion in financing for prefabricated home builders.
• Eliminate the GST on new homes priced between $1 million and $1.5 million. The GST will also be removed for first-time buyers for newly-built homes below $1 million.
• Lower municipal development charges for multi-unit residential housing.
• Cap immigration levels to ease housing demand pressures.

In addition, the former head of the Bank of Canada and the Bank of England will establish Build Canada Homes, a government agency overseeing affordable housing development.