The Government of Ontario and City of Toronto announced they have reached a new deal to help achieve long-term financial stability and sustainability for the city. The deal includes up to $1.2 billion in provincial operating supports over three years that will go towards key investments in areas such as rental housing development, transit infrastructure, and homelessness prevention.

On the housing front, the city will invest in opportunities to streamline and optimize planning approvals and accelerate the delivery of affordable, attainable, and rental housing across the continuum. Ontario will assume responsibility for the Gardiner and the Don Valley Parkway, freeing up more city funds for investments in housing and the required supporting infrastructure, such as transit, water and local road improvements.

As part of the new deal, housing opportunities on city-owned lands will also be advanced to help meet the city’s goal of building “more homes of all kinds faster” including rental, affordable and attainable housing.

Funding will prioritize transit-oriented projects and communities that support the city’s key transportation objectives, such as those that promise to take steps to manage construction schedules in a way that reduces gridlock, and those that commit to advancing Ontario’s One Fare program and implementing regional service integration based on provincial direction and city and TTC support.

Other notable aspects of the deal include the province’s agreement to assume authority of the stalled Ontario Place redevelopment; this would give Ontario the ability to acquire land and water at and around the waterfront-site for future use as part of the rebuilding process. The province and city will also discuss future partnership opportunities to maintain public, community-oriented science programming at the Ontario Science Centre location as part of a potential future mixed-use community that includes affordable and attainable housing.

For the full announcement, click here: Toronto Ontario deal