The central bank announced the quarter-percentage-point cut on Wednesday, its first in more than four years, meaning its key interest rate now stands at 4.75 per cent.

The deal sees the federal government invest $4.7 billion over the next five years into critical infrastructure that supports housing development across Ontario.

The community has been without a water treatment plant for years. Construction costs of $78 million are being carried by the federal government.

Construction of the structure is expected to be complete by April 2026, with work on the exterior targeted for completion a few months later.

The city will proceed with 19 new projects this year and eight that are carrying over from 2023.