Thursday, May 29, 2025

On May 27, His Majesty King Charles III, King of Canada, delivered Canada's Speech from the Throne in Ottawa, titled Building Canada Strong: A Bold, Ambitious Plan for Our Future.  

This speech signals the official opening of the 45th Parliament of Canada and sets out the direction of the newly elected government of Prime Minister Mark Carney.  

The King’s speech marks the third time a monarch has read the throne speech in Canada and follows the release of Prime Minister Carney’s cabinet mandate letter highlighting the government’s intention to adopt a disciplined approach to solving the multifaceted challenges Canada faces.

Seven areas of focus

The speech reaffirmed the government’s seven areas of focus as outlined during the election campaign and in the cabinet mandate letter: 

  • Strengthening the economic and security relationship with the US  
  • Removing interprovincial trade barriers to strengthen the economy 
  • Lowering the cost of living for Canadians 
  • Restoring housing affordability by encouraging public-private cooperation, catalyzing a modern housing industry, and creating new careers in the skilled trades 
  • Keeping Canadians safe and protecting Canadian sovereignty 
  • Returning to a sustainable immigration rate that continues to build the economy 
  • Reducing government operational spending to help make Canada’s economy the strongest among the G7 nations   

The speech can be debated for up to six days, after which a vote on the main motion is held. 

Focus on housing

The King addressed housing affordability and government’s understanding of the immediate and critical need to build a strong, resilient housing sector in the speech:

"Critically, the government will undertake a series of measures to help double the rate of home building while creating an entirely new housing industry – using Canadian technology, Canadian skilled workers, and Canadian lumber. The government will introduce measures to deliver affordable homes by creating Build Canada Homes. This mission-driven organization will act to accelerate the development of new affordable housing. It will invest in the growth of the prefabricated and modular housing industry. And it will provide significant financing to affordable home builders. The government will make the housing market work better, including by cutting municipal development charges in half for all multi-unit housing. The government will drive supply up to bring housing costs down."
His Majesty King Charles III, King of Canada

REALTOR® recommendations included

In line with Realtor advocacy led by the Canadian Real Estate Association (CREA), the government confirmed its intention to restore housing affordability by:  

  • Removing the GST on homes under $1 million for first-time home buyers 
  • Lowering the GST on homes priced between $1 million and $1.5 million to promote the goal of affordable homeownership 
  • Doubling the rate of homebuilding by embracing Canadian technology, lumber, and skilled workers  
  • Cutting development charges in half for all multi-unit housing to increase supply and lower costs 

The government also announced their intention to create a new industry in modular and prefabricated housing. This Realtor recommendation was first presented during CREA’s 2024 spring pre-budget submission, subsequently advanced by Realtor members in their constituencies and taken to Parliament Hill later that year.

Watch or read the Speech from the Throne

Read the full text of the Speech from the Throne here.

Learn more about CREA’s advocacy efforts

Federal leadership is critical in advancing a coordinated, cross-sector response that includes all-levels of government, the private sector, housing organizations, and Indigenous partners to reverse the housing crisis.  

Realtors are committed to advocating for all Canadians to have a place to call home, and CREA looks forward to working with the new government to strengthen the housing continuum – supporting pathways to homeownership, addressing issues of affordability, and ensuring safe and suitable homes are within reach for all Canadians.  

Learn more here.