Overview
- Transport Minister Mike Farnworth said Monday the project budget is $8.5 billion, more than double the 2021 estimate of $4.15 billion, with major construction moved to 2027 and an opening target of September 2031.
- The government fired the originally chosen European-led consortium in mid-June and is restarting the bidding process by splitting work into three separate contracts to limit risk and invite new bidders.
- A Canada–British Columbia agreement announced July 2 commits up to $3 billion in federal support covering no more than one-third of capital costs and could include low-cost loans in addition to direct funding.
- Site preparation that began in early 2026 is underway, including a Deas Island casting basin for pre-cast tunnel segments, but full construction depends on a provincial environmental assessment now expected to finish in late 2026.
- Critics warn of further cost growth and delays while the government points to third-party validation, inflation and global supply-chain pressures as drivers of the higher price and says the tunnel will improve goods movement to regional ports.