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The Government of Canada announced that the Toronto Transit Commission (TTC) will receive nearly $1.2 billion over the next decade through the Baseline stream of the new Canada Public Transit Fund.
The Canada Public Transit Fund is the largest public transit investment in Canadian history with $3 billion in annual federal funding provided to communities across the country.
The City of Toronto will use $758 million of this new funding to purchase 55 new subway cars for the TTC’s Line 2 subway. The current 30-year-old Line 2 trains are nearing the end of their expected life, which would significantly increase costs to maintain safety if they continue in operation.
“Our government knows improving public transit is essential to ensuring our economy reaches its full potential. The TTC needs new subway cars to keep up with the growing transit demands of our growing city. I am so pleased that just months after announcing our new Canada Public Transit Fund, that we will have reached a deal with Toronto to deliver better public transit,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance.
In November 2023, Ontario committed more than $750 million in funding for new trains on the condition the federal government match the investment to assist with the City of Toronto’s purchase.
“It’s nearly 12 months to the day that the Government of Ontario reached a historic deal with the City of Toronto to help ensure the city’s long-term financial stability,” said Prabmeet Sarkaria, Minister of Transportation. “Toronto is the economic hub of Canada, and we need all levels of government working together to ensure the city has the critical transit infrastructure it needs to grow for the future. After months of uncertainty, we are pleased to see the federal government step up.”
“Ontario is working with all levels of government to continue delivering solutions that help us build reliable transit and fight gridlock in our province’s largest economic driver,” said Peter Bethlenfalvy, Minister of Finance. “Paired with our New Deal with the City of Toronto, this major new transit investment is going to ensure the continued growth of Ontario’s entire economy while directly impacting the lives of workers and families.”
“When Toronto is moving, Canada is growing. Today’s announcement from the Federal Government is a welcome investment in Toronto that unlocks additional funding from the Province. This historic investment in transit will provide needed subway cars on Line 2, moving people affordably today and preparing for future population and economic growth. By partnering and funding one third each, it shows how we can work together to keep people moving.” said Toronto Mayor Olivia Chow. |
