Governments Commit $975 Million to Transform Toronto’s Waterfront

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Governments Commit $975 Million to Transform Toronto’s Waterfront

On Feb 11, 2025

The Government of Canada, the Government of Ontario, and the City of Toronto have announced a $975 million investment to fast-track the revitalization of Toronto’s waterfront. The funding will support the creation of over 14,000 new homes, including affordable rental units, and drive economic growth through job creation and infrastructure development.

The initiative focuses on Quayside and Ookwemin Minising (formerly Villiers Island), positioning these areas as future urban hubs. Once completed, the project is expected to generate 100,000 skilled trades jobs and contribute $13.2 billion to the economy. Alongside housing, the investment aims to enhance Toronto’s waterfront as a global attraction, building on recent developments such as Biidaasige Park, which is set to welcome over a million visitors annually.

Site servicing work is set to begin soon, paving the way for home construction starting in 2026, with first occupancy targeted for 2031. This effort marks the next phase of Toronto’s waterfront renewal, following past investments such as the $1.4 billion Port Lands Flood Protection Project.

Under the tri-government funding model, each level of government is contributing $325 million, with the federal government providing an additional $200 million to match previous investments from Ontario and Toronto for the Broadview Eastern Flood Protection project.

Government officials emphasized the transformative potential of the investment. Jack Winberg, Board Chair of Waterfront Toronto, highlighted the project’s role in making Toronto a competitive destination for investment, talent, and tourism. Mayor Olivia Chow called it a “great day for Torontonians,” underscoring the importance of new housing and job creation. Ontario’s Infrastructure Minister, Kinga Surma, emphasized the province’s commitment to strengthening infrastructure and economic growth, while Canada’s Housing Minister, Nathaniel Erskine-Smith, reinforced the federal government’s focus on unlocking Toronto’s waterfront potential.

With support from all three levels of government, this investment marks a major step toward transforming Toronto’s waterfront into a dynamic, sustainable, and livable urban space for generations to come.