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Scientists advise limiting global warming to 1.5°C with substantial actions by 2030. Our viewpoint argues that climate response strategies in Canada have underemphasized and underestimated the potential contribution deep energy retrofits can make to greenhouse gas (GHG) emissions reductions, leading to inadequate responses in the building sector, and that Canada can (and should) be ambitious with building retrofits over the next decade. GHG savings from building retrofits can be realized more quickly than GHG reductions from other sectors, and either deliver net cost savings or are cost‐effective when compared to other mitigation measures. Retrofits can also provide social and economic benefits, such as improved health and comfort, and lower energy costs. This paper reviews energy use and building retrofits in Canada and argues the following should be implemented: (1) focus innovation on deep energy retrofit processes, not singular retrofit actions; (2) maximize both social and environmental benefits; (3) improve data gathering and availability for analysis and delivery; (4) innovate for a process of decisions and to avoid "dropouts" during the retrofit process; and (5) focus innovation on business models that maximize benefits. Key Messages: Greenhouse gas savings from deep energy building retrofits are cost‐effective and can be realized more quickly than reductions from other sectors.Program and policy design should prioritize the greatest social, economic, and environmental benefits.Innovation should focus on the retrofit process, financing, and delivery models, rather than solely on technology. [ABSTRACT FROM AUTHOR]