High-speed rail costs could reach $113 billion, 25% more than estimated for slush fund, PBO warns

OTTAWA — A new report by Ottawa’s fiscal watchdog warns that the planned high-speed rail project from Toronto to Quebec city could cost as much as 25 per cent more than the Carney government’s highest estimates.

The Parliamentary Budget Officer (PBO) estimated in a report released Thursday that the project’s costs would run between $75-billion and $113-billion, compared to the government’s estimated range of $60 billion to $90 billion. The upper end of the PBO’s estimated range is 25.6 per cent higher than the government’s.