March 27, 2024 – Ontario’s Minister of Finance, Peter Bethlenfalvy, released the 2024 Budget, saying “We will keep investing prudently to help create stronger communities and better opportunities for future generations.”

Some highlights include:

• Get more homes built by investing $1 billion in the new Municipal Housing Infrastructure Program, and quadrupling the Housing-Enabling Water Systems Fund to a total of $825 million to help municipalities repair and expand critical infrastructure and reach their housing targets.

• Connect about 600,000 people to primary healthcare with a total additional investment of $546 million over three years.

• Launch a new $200-million Community Sport and Recreation Infrastructure Fund to invest in new and upgraded sport, recreation, and community facilities.

• Seek to extend the temporary cuts to the gasoline tax rate by 5.7 cents per litre and the fuel (diesel) tax rate by 5.3 cents per litre until December 31, 2024.

• An additional $100-million investment in 2024-25 through the Skills Development Fund Training Stream to help workers and job seekers—including apprentices—get skills.

Ontario’s construction industry is projecting a shortfall of over 100,000 skilled tradespeople over the next decade, says Skills Ontario, adding it is pleased to see the investment to address the shortfalls and crisis in housing and infrastructure.

“The province has been a leader in supporting skilled trades professionals, which is why continued investment is so important,” said Ian Howcroft, CEO, Skills Ontario. “The additional $100 million funding for the Skills Development Fund will help support the economy and help keep our healthcare system—and our society—operating.”

The Ontario Construction Secretariat provides some additional budget highlights relating to major projects:

• The province will spend over $190.2 billion over the next 10 years on highways, transit, broadband, “housing-enabling”, and other infrastructure.

• Continue several highway projects, including Highway 413, Bradford Bypass, 401 expansions, QEW, widen existing corridors, etc.

• Investments of nearly $50 billion over the next 10 years in health infrastructure, including close to $36 billion in capital grants.

• $155 million in 2024-25 to increase the construction funding subsidy to support the cost of developing or redeveloping long-term care homes.

• $23 billion, including about $16 billion in capital grants, over 10 years to build, expand, and renew schools and childcare spaces across the province.

CLICK HERE for all the Budget 2024 highlights.

CLICK HERE to access the entire budget.