Governments invest to accelerate Toronto’s waterfront transformation

Once completed, the investment is projected to generate approximately 100,000 skilled trades jobs and inject $13.2 billion into the economy. The waterfront redevelopment will also establish Toronto as a premier destination, with Biidaasige Park and other attractions expected to draw more than a million visitors annually.

To prepare for construction, site servicing work will commence shortly, setting the stage for new homes to begin rising in 2026. The first occupancy is anticipated by 2031. This initiative marks the next phase of Toronto’s waterfront revitalization and builds upon the $1.4-billion Port Lands Flood Protection Project. Waterfront Toronto will continue leading the redevelopment, with all levels of government working together to extend its legislated mandate.

“As never before, cities are competing to attract investment, talent and tourism dollars,” says Jack Winberg, board chair of Waterfront Toronto. “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.”

The $975-million investment is equally divided among the three levels of government:

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

Additionally, the federal government is contributing another $200 million to match earlier investments from the province and the city to support the completion of the Broadview Eastern Flood Protection project.

Government officials emphasized the transformative impact of the investment, highlighting housing, job creation, and economic growth as key benefits.

“Unlocking the waterfront is important for our city. We’ll keep working to deliver much-needed homes and infrastructure for Toronto,” says 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,” says Kinga Surma, Ontario’s minister of infrastructure. “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.”

Olivia Chow commented on the scale of the investment, stating: “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.”

The waterfront revitalization plan is a landmark initiative that aligns with Toronto’s broader economic and infrastructure goals. By integrating residential, commercial, and recreational spaces, the project aims to redefine the city’s relationship with its waterfront, creating a sustainable and dynamic urban environment.