Ontario 2024 Budget Forecasts Soaring $9.8B Deficit Amid Slowing Growth and Restrained Spending

Ontario's 2024 budget projects the deficit will more than triple to $9.8 billion due to high interest rates and a weaker economy
Economic growth is expected to slow to 0.3% in 2024, down from a previous forecast of 1.2%
Base health care spending will only increase by 1.3%, below the rate of inflation
Affordability measures include extending the gas tax cut and expanding electricity bill subsidies
The budget includes $1.8 billion to help municipalities build housing-related infrastructure to work toward the goal of 1.5 million new homes by 2031