Toronto

Toronto's waterfront receiving $975M to speed up development, build housing

The federal and provincial governments, along with the City of Toronto, are spending a joint $975 million to speed up development of the city’s waterfront. The funding will help create more than 14,000 new homes, including affordable rental housing.

Construction on more than 14,000 homes to begin in 2026, Waterfront Toronto says

Toronto’s waterfront revitalization to receive $975M funding boost

2 days ago
Duration 3:02
Mayor Olivia Chow announced plans Tuesday to build thousands of new housing units, as part of Waterfront Toronto's revitalization plan. CBC’s Clara Pasieka has the details.

The federal and provincial governments, along with the City of Toronto, are spending a joint $975 million to speed up development of the city's waterfront. 

The funding will help create more than 14,000 new homes, including affordable rental housing, according to a news release from Waterfront Toronto, which oversees projects in the area. 

"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," the release said. 

Houses will be built at Quayside and Ookwemin Minising, a new island being created in the Port Lands. 

Each level of government is contributing $325 million, the release said. Construction will begin in 2026, with the goal of opening to residents in 2031.

Speaking at the announcement Tuesday, Mayor Olivia Chow said the funding will help build "a city within a city." 

"It means housing, good jobs, people coming here, coming to life," she said. 

Depending on the area where the new houses will be built, between 20 to 30 per cent of the units will meet the city's definition of affordable, Chow said. 

The federal government is also spending an additional $200 million to match previous funds from the province and city, put toward supporting the Broadview Eastern Flood Protection project, the release said. 

ABOUT THE AUTHOR

Rochelle Raveendran is a reporter for CBC News Toronto. She can be reached at: rochelle.raveendran@cbc.ca.

With files from Clara Pasieka