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Ontario Pushes Back Balanced Budget as Deficit Climbs to $13.8 Billion

  Unveiling Ontario's 2026 budget, Finance Minister Peter Bethlenfalvy said "the world has changed and we must change with it," citing trade tensions, supply chain disruptions and shifting markets. Ontario’s latest budget forecasts a deepening deficit of $13.8 billion and pushes the province’s return-to-balance target back another year, reflecting economic uncertainty and rising spending pressures. The government cites global instability, supply‑chain disruptions, and slower economic growth as key drivers behind the worsening fiscal outlook. Ontario is projecting a $13.8‑billion deficit in its latest budget, marking a significant increase from last year’s forecast and delaying the province’s return to balanced books until 2028–29 . The revised outlook represents a 77% jump from the previously estimated $7.8‑billion deficit, underscoring the mounting fiscal pressures facing the province.  Finance Minister Peter Bethlenfalvy attributed the deeper deficit to global eco...
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Real Estate Receiverships on the Rise: A Consequence of Elevated Interest Rates and Construction Costs

 


According to a recent report by The Canadian Press, real estate development projects across Canada are increasingly being pushed into receivership due to elevated interest rates, construction costs and delays, and a slower real estate market. Receiverships are a way for secured lenders to have the court appoint someone to take control of the property and either liquidate it or otherwise maximize the value of the assets. While often thought of as a last resort, experts have seen an increase in receiverships as bigger construction projects with multiple mortgages and parties involved start to run into trouble.

From one of Canada’s tallest condo towers to bare tracts of land, residential development projects across the country are facing financial stress. Smaller developers are finding it hard to get more money as the second-tier lenders they often rely on become more cautious. Ontario has seen the bulk of receiverships in recent months, but over the past year, the process has been applied to everything from a historic bank building in Saint John, N.B., to a fire-plagued apartment in Winnipeg.
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