Earlier today, Ontario Finance Minister Peter Bethlenfalvy delivered the government’s Fall Economic Statement.

The minister’s mid-year update was clear – they are staying the course laid out in Budget 2023 to “build Ontario”. Today’s speech doubled down on many of the promises laid out this past spring. It reiterated the need to invest in infrastructure and housing to accommodate the province’s growing population.

In addition to rebating the HST on purpose-built rentals and extending the gas tax freeze until next June, Bethlenfalvy announced funding for critical housing infrastructure, as well as the establishment of the Ontario Infrastructure Bank. The new arm’s-length agency will focus on leveraging domestic investors to build major projects including municipal/community infrastructure, affordable housing, transportation, and energy.

One significant reversal from the plan presented by Bethlenfalvy this past spring is the government’s path to a balanced budget. Touting the need for flexibility due to economic uncertainty, geopolitical issues, and slowing revenues, Bethlenfalvy announced that the budget would not be balanced until 2025/2026 – one year later than initially planned.

With a turbulent global economy on the horizon, and strong political headwinds here in Ontario, it is evident that Premier Doug Ford and his team see infrastructure and housing as the key to regaining the narrative and electoral success.

Team Summa