The Ontario government will release its fall economic statement Oct. 30, shedding light on the costs associated with several large-scale initiatives, including dealing with gridlock on Toronto-area roads.
Finance Minister Peter Bethlenfalvy described the financial strategy as the “latest step in our plan to rebuild Ontario,” in an Oct. 16 video posted to social media.
A series of substantial infrastructure developments has been announced by Premier Doug Ford in recent months, including building a tunnel expressway under Highway 401.
While Ford has not released any figures associated with the proposed project, a smaller-scale tunnel in Boston cost upward of $14 billion. With interest, the 2.5-kilometre stretch of underground road actually climbs to $22 billion, an amount that will not be paid off until 2038, according to a more recent estimate.
The tunnel is just one project aimed at dealing with congested roads in the Greater Toronto Area (GTA).
The province has begun work on the Bradford Bypass, which will connect Highway 400 and Highway 404 through the York Region. It is also set to extend Highway 413 from Highway 400 in the east to the Highway 401/407 express toll route interchange area in the west beginning in 2025.
The finance minister told Focus Ontario earlier this month that his economic statement would deal with a number of infrastructure initiatives, including gridlock in the GTA.
“We are very focused on being financially prudent. But you can do both,” Bethlenfalvy said. “You can be fiscally responsible and balance the books and build Ontario, which includes tunnels.”
Bethlenfalvy said the fall economic statement would also shed light on the cost involved in the government’s plan that allows licensed convenience stores to sell beer, cider, wine and ready-to-drink alcoholic beverages.
Implemented at the beginning of September, the move was part of an election promise Ford made in 2018 to expand liquor sales. The full cost of the initiative is not known, although the province has confirmed a $225 million payment to the Beer Store for the early termination of its exclusive contract earlier this year.
The cost of living will also be a key component addressed in the economic update, Bethlenfalvy said.
