Governments Invest to Rapidly Build Housing, Create Jobs and New Destinations on Toronto's Waterfront

TORONTO, Jan. 28, 2025 /CNW/ - Today the Government of Canada, the Government of Ontario and the City of Toronto announced $975 million to accelerate the delivery of Waterfront Toronto's revitalization plan. This plan will help create over 14,000 new homes, including affordable rental housing, along Toronto's Waterfront at Quayside and Ookwemin Minising (formerly Villiers Island) setting the stage for future waterfront destinations. Once complete, this investment will create an estimated 100,000 skilled trades jobs on Toronto's waterfront and add $13.2 billion to the economy.

This $975 million investment will make for a vibrant waterfront, for living, working, and playing. With the completion of Biidaasige Park, Toronto's waterfront is on track to become a must-see destination and world class attraction that is expected to welcome over a million people a year.

To prepare for the construction of the new homes beginning in 2026, site servicing work will begin shortly with the goal of first occupancy in 2031. This is the first and most important step in delivering the critical infrastructure that is needed for housing. It represents the next phase of waterfront revitalization and builds on previous tri-government investments including the $1.4 billion Port Lands Flood Protection Project. Waterfront Toronto will continue as the revitalization lead for this work, and all governments are working together to extend its legislated mandate.

"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. 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." said Jack Winberg, board chair of Waterfront Toronto.

Funding agreement:

As in previous phases of waterfront revitalization, each order of government will contribute equally under the tri-government model. In this agreement that means:

• $325 million from the City of Toronto
• $325 million from the Province of Ontario
• $325 million from the Government of Canada

The Government of Canada is also investing an additional $200 million, to match earlier contributions from the Province of Ontario and the City of Toronto, to support the completion of the Broadview Eastern Flood Protection project.

Quotes:

"Unlocking the waterfront is important for our city. We'll keep working to deliver much needed homes and infrastructure for Toronto." 

— The Honourable 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. Rejuvenating Toronto's waterfront is part of our government's capital plan, valued at more than $191 billion over the next decade, to renew and expand critical infrastructure for a stronger and more prosperous Ontario."

— Kinga Surma, Ontario's Minister of Infrastructure

"Today is a great day for Torontonians. The Waterfront Toronto partnership will revitalize our city and build more than 14,000 homes. 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."

— Mayor Olivia Chow

Waterfront Toronto Media Kit

SOURCE Waterfront Toronto

For more information (media only), please contact: Mira Shenker, Director, Communications and Public Engagement, Waterfront Toronto, 416-312-9120, [email protected]