06:14 AM EST, 11/07/2025 (MT Newswires) -- With the province of Ontario rolling out on Thursday a bevy of supports for the economy in Budget 2025, Ontario's fall fiscal update contains little in the way of marquee measures, said TD.

However, the Canadian province is pledging to cut the HST on new homes valued at under $1 million -- a move that should support demand and, ultimately, homebuilding activity, noted the bank.

The FY 2025/26 deficit is seen at $13.5 billion, about $1 billion lower than expected in the spring budget, pointed out TD. Net debt-to-GDP is also slightly lower but is projected to climb over the medium term.

Still, policymakers see it remaining below the self-imposed 40% sustainability target.

Ontario is retaining its goal of balancing the budget by FY 2027/28. However, this view leans heavily on spending restraint, which may be difficult given the demands of an aging population, stated the bank.

Plus, a weaker-than-expected economic backdrop could prompt more spending from policymakers, it added.