The province's net debt has climbed from $338 billion in 2018 to more than $400 billion.
The government has increased per-person spending by more than 10 per cent between 2018/19 and 2020/21.
Despite steep budget deficits, successive provincial governments have been unwilling to reduce spending.
The government projects a budget deficit of $21.5 billion for 2021-22.
In the recent past, the province's recessions have been followed by extended periods of debt growth.
The average annual growth rate in investment in residential structures was only 1.4 per cent.
At 48.8 per cent, Ontario’s net debt-to-GDP ratio this year will be the highest in provincial history.