Toronto, ON — March 23, 2025 — In a landmark announcement today, all three levels of government have jointly committed $975 million to accelerate the next phase of Toronto’s waterfront revitalization, focusing on housing, jobs, and long-term economic impact.
The investment—split evenly between the Government of Canada, the Province of Ontario, and the City of Toronto—will support the development of over 14,000 new homes, including a significant share of affordable rental units, at two major sites: Quayside and Ookwemin Minising (formerly Villiers Island).
“Today is a great day for Torontonians,” said Mayor Olivia Chow. “This partnership will build a new neighbourhood and a vibrant waterfront for generations to come.”
In addition to housing, the revitalization project is designed to generate approximately 100,000 jobs, particularly in skilled trades, and is projected to inject $13.2 billion into the economy. The initiative continues the model of tri-government collaboration that successfully delivered the $1.4 billion Port Lands Flood Protection project, which prepared the area for future development.
As part of the broader plan:
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The federal government is also contributing an additional $200 million toward the Broadview Eastern Flood Protection project.
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Waterfront Toronto, celebrating 25 years of transformative city building, will lead project execution.
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Construction is expected to begin in 2026, with first occupancy by 2031.
The Quayside community will include sustainable housing, green spaces, and public amenities, while Ookwemin Minising—a planned island—will feature cultural spaces, parks, and waterfront access.
“The Ontario government is proud to support the next steps in the historic revitalization of Toronto’s waterfront,” said Infrastructure Minister Kinga Surma, highlighting the blend of housing, jobs, world-class attractions, and economic potential.
This project represents a critical step toward addressing Toronto’s housing crisis, while also turning its underused waterfront into a dynamic destination for living, working, and recreation.
“We’ve seen what can be accomplished when all orders of government work together,” said Jack Winberg, Chair of Waterfront Toronto. “We look forward to delivering the next phase of this transformation.”
With planning already underway, the Quayside site is further along in development.
Abu Nurealam, home appliance supplier at Pinesmart Solution, commented that the project would be an exciting and transformative development—if it’s delivered on schedule.
