Housing starts in 2025 are projected to be around 2,800 units lower than in 2024 and job creation is expected to be cut in half. The province will be spending $16.2 billion on interest and other debt charges in 2025-26, more than the base budget for post secondary education or justice.
The drop in housing starts is another sign that the Ford government is struggling to hit its goal of getting 1.5 million homes built by 2031, which would require 100,000 housing starts per year.
But all of the projections are being made in a world of constant uncertainty when it comes to what President Donald Trump may or may not do with future tariffs. If the economic situation turns out worse than expected, the deficit could be as high as $17.1 billion.
The budget also shows that Ontario's total debt will rise to $489.8 billion in 2025-26. During the 2018 campaign, the
Progressive Conservatives said if the Kathleen Wynne Liberal government was re-elected, it would "pile onto our debt."
Since 2020, Ontario's debt has risen by about 21 per cent under the Ford government, according to the budget.
Budget offers 'little hope and no reassurance,' NDP says
Leader of the Official Opposition NDP Marit Stiles called the document a "Band-Aid budget."
"For families wondering how they'll make ends meet this summer, for overworked health care or education workers, for auto workers who are worried about their livelihoods, this budget delivers little hope and no reassurance," she said.