The bank would be an arms-length agency enabling pension plans and other institutional investors to help fund what the province says is an infrastructure deficit.

Valued at $1.5 billion over seven years, the program will support the development of strategic infrastructure projects connected to critical minerals production and supply chains.

The rebates apply to projects that began construction from this past September until Dec. 31, 2030.

This quarter marked the slowest quarterly growth in residential building construction costs since Q2 2020, and in non-residential building construction costs since Q4 2020.

“Imagine being able to (do) Peterborough-Toronto or Trois Rivières-Quebec in around an hour and 15 minutes. That changes completely how you commute between a region and a city,” Imbleau said.