On June 29, Finance Minister Joe Ceci announced that in the fiscal year that ended March 31, the province borrowed a whopping $13 billion. What’s most shocking about that deficit is that fully $8.6 billion was borrowed for government operations. That’s akin to you and me taking out a loan and then spending 66 per cent of it on food and keeping the lights on. It’s madness and unsustainable.
So, what on earth, then, is the province doing announcing just a couple of days prior to Ceci’s alarming fiscal update that it will spend $1.2 billion on affordable housing?
Well, on the same day that Ceci shocked the province with his budget update, a very helpful study was released from the University of Calgary’s School of Public Policy that, in part, answers that question.
Calgary — not Vancouver and Toronto — is the costliest city in Canada in which to rent low-cost housing.