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Ontario  + Canada  + Multi-residential Housing  | 
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Ontario Government Launching New Infrastructure Bank

The Ontario government is launching a new infrastructure bank that will emphasize commercial real estate investments at the outset.

Finance Minister Peter Bethlenfalvy announced the move as he issued the government’s 2023 economic outlook in the Legislature. The province also issued a news release.

The province is providing $3 billion for the new venture, which is designed to enable public-sector pension plans and other institutional investors to participate in large-scale infrastructure projects across the province.

The finance minister said the new arms-length, board-governed agency will focus its first loans on long-term care homes, affordable housing and infrastructure in the municipal, community, energy and transportation sectors.

“You look around the world, and there’s many infrastructure banks in many parts of the world, which helps get things built that perhaps otherwise wouldn’t get built,” Bethlenfalvy told reporters.

The federal government launched a national infrastructure bank in 2017. Bethlenfalvy’s his outlook anticipates that Ontario’s 2023-24 deficit will hit $5.6 billion.

That total is $4.3 higher than the $1.3-billion deficit forecasted in the March provincial budget estimate.


Inside The Story

Government of OntarioPeter Bethlenfalvy

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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