Toronto's Waterfront to Receive $975 Million for Housing and Development • Over Here Toronto

Toronto’s waterfront is set for a major transformation with a $975 million investment from all three levels of government. The funding will accelerate development, creating more than 14,000 new homes and generating 100,000 skilled trades jobs.

Government Commitment to Waterfront Revitalization

The federal, provincial, and municipal governments will each contribute $325 million to the project. Additionally, the federal government is allocating $200 million to the Broadview Eastern Flood Protection project, ensuring that the area is safe for development.

At an announcement event, Mayor Olivia Chow emphasized the significance of this agreement.

“This tripartite agreement means we’re building a city within a city,” Chow stated.

Jack Winberg, Chair of Waterfront Toronto, confirmed that construction will begin in 2026, with the first homes expected to be ready by 2031.

Where Will the New Homes Be Built?

The housing will be constructed in Quayside and Ookwemin Minising, formerly known as Villiers Island. These areas will see a mix of two, three, and four-bedroom units, with 24% designated as affordable housing.

Federal Housing Minister Nathaniel Erskine-Smith highlighted the urgency of affordability, stating that many young professionals are leaving the city due to high housing costs.

“We’re unlocking the value of the land to drive affordability,” he said.

Infrastructure and Economic Impact

The investment will not only provide housing but also contribute $13.2 billion to the economy. According to Ontario Infrastructure Minister Kinga Surma, the development will create a vibrant, mixed-use community with housing, jobs, parks, and businesses.

Waterfront Toronto described the initiative as the first step in delivering critical infrastructure. Site preparation will begin soon, ensuring a smooth transition for the upcoming housing projects.

Funding and Long-Term Commitment

*Photo via* Waterfront Toronto (@waterfront.to) • Instagram

All three levels of government have previously invested $1.4 billion in the Port Lands Flood Protection Project to make the area suitable for development. The creation of a new mouth for the Don River was a key element of this initiative.

Despite concerns about potential regulatory challenges, Chow reassured the public that the funding is secured.

“The City of Toronto has been assured that everything has gone through Treasury Board,” she said.

With this historic investment, Toronto’s waterfront is on track to become a thriving, sustainable, and affordable community in the coming years.

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Toronto’s Waterfront to Receive $975 Million for Housing and Development