I also am a member of Parliament here in Ontario, and I can certainly attest to the fact that....
First of all, it's important to note that the Province of Ontario, as every province did, signed on to this five-year agreement with expectations and outcomes that they're accountable to achieve in order to, of course, continue to work with us and receive the funding that we are providing. It is a partnership, and we do need to work together to make this successful, but ultimately, child care is provincial jurisdiction. When our colleagues point out some of the challenges, I implore us to continue to work with the province and to work with the respective MPPs in your area to raise these challenges.
You're very right that in Ontario we funded $10.2 billion over five years. In the most recent year, as our funding does increase year over year, it increased by 17%. We're seeing that the Province of Ontario has not yet entered into a long-term funding formula with the operators here on the ground in Ontario. In fact, this is very much stifling the operators' ability to consider adding spaces and consider growing, which is what we need.
The work that I continue to communicate, as I know many of my colleagues do as well, is that we need a province that is willing to fulfill their commitments and to work collaboratively to ensure that these spaces are created. Here in Ontario there is a commitment by the province to create 86,000 new spaces by 2026. We need to get to work. Already, admittedly, it is changing lives here in Ontario. Families are saving on average $8,500 each and every year per child. I get to speak to families across the country and here in Ontario. The stories are incredibly impactful about what this translates to in young families' lives with these savings. We've seen in Ontario 300,000 kids benefiting to date.
We need to keep pursuing and doing the work to ensure that those spaces get created and that Ontario gets a funding formula in place that works for operators.