Canada, Ontario, and the City of Toronto have pledged a combined $975 million to accelerate Waterfront Toronto’s revitalization. The plan aims to create over 14,000 homes, including affordable rentals at Quayside and Ookwemin Minising; it also expects to generate 100,000 skilled trades jobs and add $13.2 billion to the economy.

“As never before, cities are competing to attract investment, talent and tourism dollars. We’ve seen what can be accomplished when all orders of government work together to make the best of life and the best of Canada converge,” said Jack Winberg, board chair of Waterfront Toronto. “We look forward to building upon our 25 years of transformative revitalization work by delivering the next phase of the waterfront in partnership with governments.”

Site servicing work for the construction work will begin shortly, with first occupancy in the new homes anticipated for 2031. Waterfront Toronto will continue to lead this revitalization effort, with all governments collaborating to extend its legislated mandate.

As in previous phases of the revitalization, each order of government will contribute equally under the tri-government model; in this case, the amount is $325 million. The federal government is also investing an additional $200 million to match earlier contributions from the Province and the City to support the completion of the Broadview Eastern Flood Protection project.

“Unlocking the waterfront is important for our city. We’ll keep working to deliver much needed homes and infrastructure for Toronto,” said Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities. “The Ontario government is proud to support the next steps in the historic revitalization of Toronto’s waterfront to create a new, vibrant, mixed-use community with more housing, jobs, world-class attractions, parks and businesses.”

“Today is a great day for Torontonians. The Waterfront Toronto partnership will revitalize our city and build more than 14,000 homes,” added Toronto Mayor Olivia Chow. “Over 100,000 skilled trades jobs will be created. With investments from all three levels of government, this partnership will build a new neighbourhood and a vibrant waterfront for generations to come.”

To follow along, visit: Homepage | Waterfront Toronto

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