Today, the City of Toronto joined the Government of Canada and the Province of Ontario to announce a landmark multi-billion-dollar deal to reduce development charges on new housing across Toronto and build the Waterfront East Transit, a line that will enable more than 75,000 new homes.
DEVELOPMENT CHARGES
As part of today’s historic announcement, the federal and provincial governments will fund a reduction in development charges by up to 50 per cent by supporting housing-enabling infrastructure. The City will work with the province to put forward a list of growth enabling projects to be supported by intergovernmental funding, enabling a reduction in development charges collected without impacting delivery of critical infrastructure.
This announcement builds on bold steps the City has already taken to reduce development charges and fees on new housing for Torontonians.
The City has invested more than $760 million to reduce development charges and incentivize housing including:
WATERFRONT EAST TRANSIT
Today’s announcement also provides critical funding for the Waterfront East Transit from the provincial and federal governments, alongside the City’s $1-billion investment, to connect across the eastern waterfront to the Port Lands with a new Waterfront East line.
This historic three-way partnership between the provincial government, the federal government and the City to build the Waterfront East Transit will serve more than 150,000 people with more than 50,000 daily trips and is expected to enable more than 75,000 housing units. This project is expected to create more than 100,000 jobs and generate more than $13.2 billion in economic value, delivering lasting economic impact locally, provincially and nationally.
Quotes:
"I’m pleased to join with the federal and provincial governments in this partnership to build more housing, transit and support good jobs. The City of Toronto has taken bold steps to cut development charges on new homes, speeding up our development timeline and investing in affordable housing. Further, we have invested in the design of the Waterfront East Transit. Today’s historic announcement takes our work further and will deliver thousands more affordable homes and better transit, benefiting our City for generations.”
– Mayor Olivia Chow
Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As an Official Host City for the FIFA World Cup 2026™ and the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City's website or follow us on X, Instagram or Facebook.