The parliamentary budget officer has pegged the lifetime cost of Canada’s new fleet of F-35 fighter jets at $73.9 billion over 45 years.
Yves Giroux says the cost of the acquisition phase is estimated to be $19.8 billion.
In January, the federal government announced a deal with Lockheed Martin and the U.S. government to buy 88 jets at a cost of about US$85 million each.
Then-defence minister Anita Anand said at the time that the acquisition cost was estimated at $19 billion, and the lifetime cost of the deal would be $70 billion.
The new aircraft are to replace the Royal Canadian Air Force’s aging CF-18s, with the first four planes expected to be delivered in 2026.
Giroux says his analysis shows the costs are broadly in line with government estimates, but he also warns that a one-year delay in the program would cost about $400 million.