When people say this project is not (fully) funded, do they mean there’s no money for construction or no money for ALL of the construction.
Correct. There is some funding for the EA and a bit of engineering but not for construction. At this time there isn't even a marker in provincial books to set aside debt capacity (our ability to borrow has a limit) in order to find funding. GO RER, for example, did have those markers in the last Liberal budget.
Also, if there is transit funding from the provincial and federal governments, and they’re not directed at a specific project, that means the direction is undefined so no projects are funded?
The federal funding had very few strings. GO RER or the niagara expansion would be a qualifying projects (some is going toward Kitchener service) which might use up the full funds available. Ultimately, the province is in control of those funds (not the cities) although the feds are required to approve of the spending; but their option is to withhold or approve of the project and I expect they would opt to approve RER spending which is a perfectly reasonable project rather than have no funds going to Ontario.
We have something like $35B in funding requests over the next 10 years (between GO/TTC SOGR, RER, LRTs with finished EAs, SmartTrack, Yonge extension, DRL, and Scarborough extension) and roughly $18B in funding commitments (committed funding wasn't reduced when Ford slashed the carbon tax but it's going to be a struggle for the province to meet without an unexpected jump in commercial tax revenue) with very few project specific earmarks.
Some of the things we expect by 2030 will be built but several projects won't be.
Doug is grasping at developers hoping to top up the gap; I expect construction inflation expenses caused by the delay may be much higher than revenue received from developers (meaning despite receiving funding the province books are hit harder).
Perhaps Trudeau will double-down on their transit package in this years election but considering how few results they got from the 2015 promise it doesn't seem likely.