New deal puts Toronto on a path to growth and long-term financial sustainability
The Government of Ontario and City of Toronto have reached a new deal that will help achieve long-term financial stability and sustainability for the city.
Following 10 weeks of productive working group discussions to find collaborative solutions to the city’s operating and capital deficits, an agreement was reached to put the city on a path to succeed. The best way for Toronto to succeed in the future is through growth in population, density, housing, frontline service delivery and revenue from a growing economy.
“This historic new deal will help support the future growth of Toronto, delivering shared priorities like building homes, public transit and infrastructure,” said Premier Doug Ford. “Toronto is critical to Ontario and Canada’s economic success, and we need all levels of government working together to deliver solutions that protect services and put the city on a path towards long-term financial sustainability. When Toronto succeeds, Ontario and Canada succeed.”
As part of this new deal, Ontario has agreed to provide the city with up to $1.2 billion in provincial operating supports over three years and significant capital relief, including:
“This new deal means unlocking Toronto’s potential. It means the city has billions more for affordable housing, fixing our aging transit system and building complete communities with child care, community centres, parks and more.” said Mayor Olivia Chow. “When all orders of government work together on shared priorities, we can deliver more for the people of Toronto.”
Toronto has also agreed to the following terms:
As part of this deal, the city accepts that the province has the authority to advance project approvals for Ontario Place and intends to do so imminently. The province has also agreed to explore relocating the parking structure to the Exhibition Place grounds to improve public access to the shoreline and to discuss partnership opportunities with the city for maintaining public, community-oriented science programming at the legacy Ontario Science Centre.
To move forward on this new deal, the government will soon introduce the New Deal for Toronto Act, which, if passed, would provide the necessary authorities to make this deal a reality.
While Ontario and Toronto have taken meaningful action through this new deal to advance key provincial priorities, federal assistance is essential for the city to achieve long-term financial sustainability. The city and the province continue to call on the federal government to step up as a full partner with funding in critical areas of need such as shelter support for asylum claimants and transit funding. Toronto is unique among Canada’s cities, both in terms of the challenges it faces and its long-standing and unparalleled contributions to the province’s shared success.