These large-scale developments will aim to support a robust economy and boost home ownership
The Ontario Real Estate Association has announced the province’s 10 most promising large-scale infrastructure projects that can support a robust economy well into the future, as well as improve home ownership prospects for many.
OREA, in partnership with KPMG, selected ambitious developments that aim to solve multiple strategic challenges and boost the province’s economic competitiveness. Each of these is currently in the conceptual or early planning stages.
“These large infrastructure projects will support a robust provincial economy by acting as magnets for talent and investment, creating a strong cycle of economic growth,” said Tim Hudak, chief executive officer at OREA. “This allows Ontario to pay for the types of infrastructure and public services that spur productivity and improve quality of life, leading to higher paying jobs, business investment, and more opportunities to increase housing supply and affordability.”
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Among the most notable of these projects is the proposed Pearson Transit Hub, which is projected to nearly double the number of jobs in Ontario’s Airport Employment Zone by 2035, further increasing the area’s GDP contribution by an estimated 2.2%.
“Lack of transit connectivity and traffic congestion often rank as Ontario’s most challenging economic problems, so we need to address this barrier to economic competitiveness if we want to bring the dream of home ownership closer to more Ontarians,” Hudak said. “With the infrastructure project proposals in this report, we hope to inspire future generations and generate sustained prosperity for everyone, resulting in strong and vibrant communities across the province.”
The 10 projects are as follows:
Greater Toronto Area
- Pearson Transit Hub
- A new bypass for GTA freight rail
- Extending the Yonge Subway into York Region
- An eastern GTA transit hub
Toronto
- Rapid transit infrastructure
Ottawa and Eastern Ontario
- Frequent and reliable rail service between Toronto, Ottawa, and Montreal
Niagara and Southwestern Ontario
- A new freeway and 21st century border infrastructure for the Niagara Peninsula
Northern Ontario
- A “strategic” transportation link to Ontario’s Ring of Fire
Across the province
- Broadband to address the urban/rural digital divide
- Ontario’s Clean Energy Potential
