Canada's Budget Targets Homelessness and U.S. Reliance
Canada's government has presented its second federal budget under Prime Minister Mark Carney, a plan that stresses diversifying the economy away from the United States. The budget was released on November 5, 2026.
A federal budget is the government's annual blueprint for its economic agenda. It is prepared by the Department of Finance Canada, the federal department responsible for the country's finances, and it sets out the government's plans for the year ahead. Since Budget 2025, the budget has been delivered in the fall, with an economic and fiscal update following in the spring. Before that change, the budget was presented early in the year and the update came in the fall.
The budget supports the Liberal government's push to reduce Canada's reliance on the United States. It also allocates funding to major national projects that have been described as crucial to Canadian economic sovereignty, according to Yahoo Finance.
On housing, Reuters reported that the budget proposes C$11 billion for social housing to address homelessness. CTV News reported that the budget outlines a plan to end homelessness within 10 years, offering $11.2 billion over four years starting next year. The same report put the total at $17.8 billion over 10 years. Global News carried similar coverage of the homelessness measures.
The budget also relaxes the ban on foreign buyers, Bloomberg reported.
The housing and economic measures build on the spring update. That document, titled 'Canada strong for all', extended support for people experiencing homelessness and ensured survivors of gender-based violence have access to safe housing. It also said Canada will establish its own sovereign wealth fund, a state-owned investment pool, to address housing, infrastructure and defence needs.
