Toronto revealed how much money it needs over the next decade and it's eye-watering
The funding is needed to keep Toronto fully functioning.
The City of Toronto has revealed the funding it needs over the next 10 years.
The City of Toronto just unveiled a massive plan that will shape how it handles everything from crumbling roads to aging subway cars over the next decade — and it's packed with a lot.
The City's new 2025 Corporate Asset Management Plan (AMP) was released on Tuesday, May 6, and it's a big step forward in addressing Toronto's infrastructure challenges. These include transit, roads, shelters, libraries, emergency services and all the essentials that keep Toronto functioning.
Mayor Olivia Chow and top City officials shared a first look at what's inside the plan. And spoiler: there's some good news.
One of the most eye-catching wins is that Toronto's infrastructure funding gap shrank by $8 billion, from $26 billion last year to $18 billion now.
That's thanks to a few moves, including uploading the Gardiner Expressway and Don Valley Parkway to the Province of Ontario, which freed up nearly $2 billion for other critical needs like housing and transit.
So, where are things at now? Here's a quick breakdown:
- About 80% of city assets (everything from buildings to pipes) are in "fair to very good" condition, with a replacement value of $215 billion
- Toronto's 10-Year Capital Plan is investing nearly $60 billion, with over $32 billion going just to keep things in good working order
- Even with the progress, there's still an $18 billion shortfall to fully meet service goals — most of that is tied to transit ($11 billion), Toronto Community Housing ($4 billion), and roads and facilities ($3 billion)
This latest AMP provides a broader perspective on the City's needs than previous reports.
It includes both core and non-core assets, examines full lifecycle costs, and sets out long-term funding options. Essentially, it's a complete roadmap for what Toronto needs to keep pace with its growing population and rising demand.
Some of the standout actions that helped close the gap include:
- A $59.6 billion capital plan, focusing on maintaining infrastructure
- Creating a new prioritization framework to help the City decide where and when to spend
- Extending the City Building Fund levy to 2035, adding stable funding for transit and housing
- A significant joint investment in new TTC Line 2 subway cars, with the City, the Province, and the Government of Canada each pitching in $758 million
The AMP goes to the Executive Committee on May 13. If approved, it will head to the City Council later this month for the final stamp.
This is Toronto's third AMP since the province made these plans mandatory.
More information is available on the City of Toronto's Asset Management website.
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