Mark Carney Unveils Budget 2026 to End Homelessness

Prime Minister Mark Carney and Finance Minister François-Philippe Champagne tabled Budget 2026, titled “Masters of our Destiny,” on November 5, 2026. The budget proposes $142.1 billion in new measures focused on economic sovereignty and affordability, including a nearly $30 billion initiative to end homelessness within a decade. This strategy shifts from the previous "Housing First" model to an integrated approach combining housing construction with mental health and addiction services.

The homelessness plan allocates $11.2 billion over the first four years and $17.8 billion in subsequent years. Key funding streams include $10 billion via Build Canada Homes for 25,000 supportive homes, $6.5 billion for the Reaching Home Initiative, $5.5 billion for the Canada Housing Benefit, and $5 billion for a new Integrated Supports Fund. The federal government will cover capital costs, while provinces and territories are expected to fund ongoing operations.

Implementation began with a $1 billion partnership in Winnipeg to build 2,000 supportive homes and a new Centre for Mental Health and Addictions. Other measures include extending the foreign buyer ban on existing residential properties until 2029, while exempting new construction to encourage supply. The budget also introduces a Canada Growth Incentive for business capital gains and a top-up to the Canada Groceries and Essentials Benefit.

Opposition leaders reacted critically; Conservative Leader Pierre Poilievre moved to reject the plan over rising debt costs, while NDP Leader Avi Lewis argued the budget prioritizes corporate tax deductions over citizens' needs. Finance Minister Champagne defended the fiscal outlook, asserting Canada maintains the best fiscal position among G7 nations despite projected debt increases.