Toronto’s ambitious waterfront revitalization is getting a significant boost, thanks to a $975 million investment from the federal, provincial, and municipal governments. The funding aims to accelerate the transformation of the city’s eastern waterfront, including the development of Quayside and Ookwemin Minising (formerly Villiers Island).
Key Highlights of the Project
- Major Investment: Each level of government—federal, provincial, and municipal—is contributing $325 million to jumpstart development.
- New Housing: The revitalization will result in 14,000 new homes for 25,000 people, with construction set to begin in 2026. The first homes are anticipated to be ready by 2031.
- Flood Protection: The federal government is also providing an additional $200 million toward the Broadview Eastern Flood Protection project, matching prior contributions from the province and the city.
“This tripartite agreement means we’re building a city within a city,” said Mayor Olivia Chow during the announcement.
The revitalization plan is projected to add 100,000 skilled trades jobs and generate $13.2 billion for the economy. The project builds on previous investments, including the $1.4 billion Port Lands Flood Protection Project, which created a new mouth for the Don River to make the area safe for development.
“This is the first and most important step in delivering the critical infrastructure that is needed for housing,” Waterfront Toronto said in a statement.
This project represents a transformative vision for Toronto’s waterfront, addressing critical housing needs while creating economic opportunities. The development is expected to bring vibrant new communities to life, setting the stage for Toronto’s waterfront to become a thriving hub for residents and businesses alike.
With the support of all three levels of government, Toronto is taking a bold step toward redefining its urban landscape.