$975-million announced to revitalize Toronto’s waterfront, creating 100,000 skilled trades jobs and 14,000 new homes

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Announcement photo cutline - From left to right: George Zegarac, CEO Waterfront Toronto; Kinga Surma MPP, Ontario Minister of Infrastructure; Olivia Chow, Mayor of City of Toronto; Nathaniel Erskine-Smith, Federal Minister of Housing, Infrastructure and Communities; Julie Dabrusin, MP Toronto-Danforth; Ausma Malik, Deputy Mayor of Toronto; Paula Fletcher, Toronto City Councillor; Jack Winberg, Waterfront Toronto Board Chair.

 

Ontario Construction News staff writer

The Government of Canada, the Government of Ontario, and the City of Toronto have announced a $975 million investment to accelerate Waterfront Toronto’s revitalization plan.

This funding will help create over 14,000 new homes, including affordable rental housing, at Quayside and Ookwemin Minising (formerly Villiers Island), setting the stage for future waterfront developments. The project is expected to create around 100,000 skilled trades jobs and contribute $13.2 billion to the economy.

“This is a huge step forward in building a city within a city,” Toronto Mayor Olivia Chow said at the announcement on Tuesday. “It means housing, good jobs, and people coming to life in Toronto.”

The investment will transform the waterfront into a vibrant area for living, working, and recreation. With the completion of Biidaasige Park, Toronto’s waterfront is on track to become a world-class destination, expected to attract over a million visitors annually.

Site servicing work for the new homes will begin soon, with construction set to start in 2026 and the first units expected to be ready by 2031. This project builds on previous investments, including the $1.4 billion Port Lands Flood Protection Project, and marks the next phase of waterfront revitalization, led by Waterfront Toronto in partnership with all levels of government.

“We’ve seen what can be accomplished when all orders of government work together to create the best of life in Canada,” said Jack Winberg, board chair of Waterfront Toronto. “We’re excited to continue the transformative revitalization of Toronto’s waterfront.”

Ookwemin Minising, a 39.6-hectare new neighbourhood, will be created from former industrial lands southeast of downtown. Quayside, once the site of an abandoned proposal from Sidewalk Labs, will also be developed under the leadership of developers Dream and Great Gulf.

While the new funding did not include money for the Waterfront East Light Rail Transit line, a key infrastructure project for the area, all levels of government are committed to supporting this critical development.

Between 20 to 30 per cent of the new homes will be affordable, meeting the city’s definition of affordable housing. The federal government is also contributing an additional $200 million to support the Broadview Eastern Flood Protection project.

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