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TORONTO — The Government of Canada and the Province of Ontario recently announced their commitment to a cost-sharing agreement alongside the City of Toronto to advance Waterfront East Transit.

Prime Minister Mark Carney and Premier Doug Ford joined Mayor Olivia Chow in Toronto Monday to unveil a plan for the province and federal government to each spend $4.4 billion on housing-related infrastructure in the province over the next 10 years.

Included in that is funding for the waterfront infrastructure. All three levels of government will each spend $1 billion, for a total of $3 billion on the project.

According to Waterfront Toronto, “by extending higher-order transit across the eastern waterfront to the Port Lands at the new Island called Ookwemin Minising, the project will unlock new neighbourhoods, connect people to jobs and destinations, and provide the certainty needed to deliver thousands of new homes.”

The project spans roughly 3.8 kilometres from Union Station to Ookwemin Minising. A new dedicated surface right-of-way will be built along Queens Quay East to Cherry Street, and along Cherry Street and Commissioners Street to the new island.

In all, Waterfront East Transit will support approximately 75,000 homes and is anticipated to serve more than 150,000 people who will live and work along the eastern waterfront and accommodate over 50,000 daily riders, a release notes.

Waterfront Toronto says the project is advancing through its design phase and will reach a milestone later this year when Toronto City Council approves the 60 per cent design for key segments.