Preparatory work for the construction of the new homes is set to begin soon, with the aim of site servicing starting before 2026 and the first occupancies expected by 2031. Credit: Elena_Alex_Ferns/Shutterstock.

The governments of Canada and Ontario, and the City of Toronto have jointly announced a investment of C$975m ($679.5m) to expedite Waterfront Toronto’s revitalisation plan.

This collaborative financial boost aims to accelerate the creation of more than14,000 new homes, including affordable rental housing, at Quayside and Ookwemin Minising on Toronto’s waterfront, laying the groundwork for future attractions in the area.

The investment is anticipated to generate approximately 100,000 skilled trades jobs and contribute an estimated C$13.2bn to the economy once the project is completed.

The tri-government model, which has been utilised in previous phases of waterfront revitalisation, ensures equal contributions from each level of government, with C$325m coming from each the City of Toronto, the Province of Ontario, and the Government of Canada.

With the completion of Biidaasige Park, the revitalised waterfront is expected to draw in more than a million visitors annually. The area is envisioned to be a vibrant hub for living, working, and recreation, enhancing the city’s appeal as a destination.

Additionally, the Government of Canada has pledged an extra C$200m to match prior contributions from the Province of Ontario and the City of Toronto for the Broadview Eastern Flood Protection project, further solidifying the “commitment” to the waterfront’s development.

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Preparatory work for the construction of the new homes is set to begin soon, with the aim of site servicing starting before 2026 and the first occupancies expected by 2031.

This critical infrastructure work represents the next phase in waterfront revitalisation, building on previous investments such as the C$1.4bn Port Lands Flood Protection Project.

Waterfront Toronto will continue to lead the revitalisation efforts, with all levels of government collaborating to extend its legislated mandate.

Ontario Minister of Infrastructure Kinga Surma said: “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 $191bn over the next decade, to renew and expand critical infrastructure for a stronger and more prosperous Ontario.”