The scope of the project sees the terminal building double in size to 60,000 square feet, with supporting work on the airside of the facility.

The lowest bid on the fixed-price project came in at $334 million – way beyond the $175 million budgeted for the building in 2016. The City of Ottawa will now have to scramble to find a way to pay its share of the inflated cost.

The buildings sit along the corridor of the city’s planned LRT route, and must be removed to accommodate the line.

The latest P3 Market Update document from Infrastructure Ontario was light on project news, with only four projects changing status. It did, however, introduce a new P3 procurement model that the government intends to use on complex projects.

The drop of 2 percent is the fourth in a row since values reached $19.7 billion in April. The housing sector in particular has shed more than 14 percent of its value since the spring.