The Government of Canada remains committed towards making investments towards local infrastructure which ensures overall wellbeing and security of citizens in Canada and to this end, the Minister of Infrastructure and Communities, Francois-Philippe Champagne, was part of an event at Toronto for marking the commencement of excavation for a new river valley under the Port Lands Flood Protection venture which will pave the way for a future residential island community on the city’s waterfront. This will boost the real estate sector massively in Toronto as per reports.
The Government of Canada is looking to draw investments towards this project for tapping the potential of unutilized waterfront zones and building long-term assets here for supporting future housing and economic growth alike. The project will see the implementation of an extensive flood protection blueprint for Port Lands which remain at risks of flooding in case of a storm or any such natural calamity. The project will be unlocking new land for future development along with creating a naturalized mouth for the Don River while also setting up new aquatic habitats and wetlands. The Port Lands will see a transformation into several new housing communities with ample green spaces, commercial structures, residential buildings, parks and affordable housing projects which will revitalize the eastern waterfront in Toronto.
More than $400 million is being given by the Government of Canada for this project estimated to be worth at least $1.25 billion and this will be managed by the public development corporation Waterfront Toronto. Building public infrastructure in the Port Lands will help in promoting affordable housing in the future while boosting the real estate market in Toronto along with ensuring ample opportunities for commercial growth and development as per experts. Naturalizing the mouth of the Don River will safeguard homes in the community throughout the Port Lands from flooding risks. A major chunk of south-eastern downtown Toronto will be saved from risks of flooding in extreme situations.