TORONTO — The Ontario government is investing $758 million to help the TTC purchase 55 new trains for Toronto’s Line 2 subway. This investment is a result of the New Deal for Toronto, which was reached one year ago, and was conditional on the federal government meeting its financial commitment to support this critical public transit project, which was announced today.
“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.”
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. 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.
“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.”
“This is an excellent day for TTC riders and the result of months of negotiations across all governments,” said Mayor Olivia Chow. “The New Deal with the province and today’s announcement of federal funding unlocks a key commitment from Ontario to get 55 new subway cars ordered and prepare Line 2 to welcome future riders. By partnering and funding one third each, it shows how we can work together to keep people moving.”
The New Deal for Toronto includes up to $1.2 billion in provincial support for public transit, including $330 million over three years in operating funding for the Eglinton Crosstown LRT and the Finch West LRT, and $300 million in one-time funding for subways and transit safety, recovery and sustainability.
Quick Facts
The Ontario government is carrying out the largest subway expansion in Canadian history, spending nearly $70 billion over the next 10 years to build the Ontario Line, Yonge North Subway Extension, Scarborough Subway Extension and Eglinton Crosstown West Extension.
The province is providing the City of Toronto with up to $73 million in funding to accelerate construction on the Gardiner Expressway. Construction is now four months ahead of schedule.
As part of the New Deal for Toronto, the province agreed to upload the Gardiner Expressway and Don Valley Parkway, subject to third-party due diligence.
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