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

According to a release, the plan will help create over 14,000 new homes along Toronto’s waterfront at Quayside and Ookwemin Minising (formerly Villiers Island). Once complete, this investment will create an estimated 100,000 skilled trades jobs on Toronto’s waterfront and add $13.2 billion to the economy.

To prepare for the construction of the new homes beginning in 2026, site servicing work will begin shortly with the goal of first occupancy in 2031.

This work represents the next phase of waterfront revitalization, the province states, and builds on previous tri-government investments including the $1.4 billion Port Lands Flood Protection Project. Waterfront Toronto will continue as the revitalization lead for this work.