Toronto -Deputy Prime Minister Chrystia Freeland has announced $1.2 billion for Toronto to buy new Line 2 subway cars. She said: “I am so thrilled to be here. And I just want to start by thanking the amazing people who work here at the TTC. When we ride the subway, we are really glad to get to school or work or to visit our friends. I hope everyone who rides the TTC today will take a moment to think about the hard work the people do here to keep those trains running.
“I am so glad to be here with some great Toronto MPs, my colleagues, with Julie Dabrusin (Toronto—Danforth), with Ali Ehsassi (Willowdale) and with John McKay (Scarborough—Guildwood). It is great to be here with our colleagues from Ontario, with my counterpart Peter Bethlenfalvy (Minister of Finance of Ontario) and Prabmeet Sarkaria (Minister of Transport of Ontario) and of course with our City’s Mayor, Olivia Chow.
“I would like to start by pointing out that we have some good news regarding the economy. Now in October, inflation was at two per cent. For 10 months inflation was within the Bank of Canada’s target range. This is good news for all Canadians, for all the people who live in Toronto. Because of this, it is now possible for interest rates to come down.
“Canada was the first G7 country to cut interest rates for the first time, for the second time, for the third time and for the fourth time. And that is good news for Canadians. And that brings me to today’s amazing announcement. We know how important the TTC is. We know that more than 2 million people a day rely on the TTC. And we know that Toronto is growing and we need public transit that grows with the needs of our growing city.
“That’s why I am glad to be announcing nearly $1.2 billion over the next decade for the TTC. $758 million of this $1.2 billion is for 55 new TTC subway cars. As Jamaal Myers (TTC Chair) said, these subway cars are going to run on Line 2, the Bloor Line. So many people in Toronto depend on it. It runs through my riding as well, and I am so glad we’re going to have some fabulous new subway cars for the Bloor Line.
“As an added bonus, these cars are manufactured here in Canada, here in Ontario, in Thunder Bay. So, this is about great public transit for the people of Toronto and great jobs for the people of Thunder Bay. We know how important public transit is and that’s why we have launched the Canada Public Transit Fund through which this funding is delivered. That Fund is going to be delivering $3 billion per year which is permanent, predictable funding for Canada’s cities, including Toronto.
“This money builds on the significant, consistent investments our government has been making in public transit projects across the country. And so much of that investment has come here to Toronto, a city that relies on public transit, a city whose circulatory system is public transit. Since 2015, total transit funding from the federal government to Toronto has been $11.56 billion. That is a big investment and we’re glad to have made it because that is what Toronto needs.
“That funding includes, in November 2023, new TTC streetcars. In December 2022, capacity investments at the crucial Bloor-Yonge Station, also in the great riding of University—Rosedale. And in 2021, the new Scarborough Subway Extension, Eglinton Crosstown West Extension, Ontario Line and Yonge North Subway Extension. Our government knows how important Toronto is. We know how important public transit in Toronto is. We are really glad to be making this further investment today.
“In conclusion, I want to say one thing about why today’s announcement is so important. It’s important because we need to invest in the TTC. It’s important because we need to keep on investing in our public transit. It’s important because we need more subway cars. It’s important because great people in Thunder Bay are going to have great jobs building those subway cars.
“It’s also important because what we’re seeing here today is the great things we can do in our great country when we work together. You have here today the federal government, the province and the city coming together to make a major investment in public transit in our great city.
“There are different parties represented at the podium but we all represent the same people. We all work for the same people. And I am proud of the people who are here and proud of our country that we can come together, work together, play as Team Canada and do something important for our great city.
Thank you very much.”