The government has recently announced that they are investing $14.9B for public transit projects. By putting this plan together they are pushing to eliminate greenhouse gas emissions and fight climate change. There will be new public transit projects across the country over the next eight years, in hopes to deliver efficient and modern public transit systems. Investing in public transit will help create jobs, shorten commutes, and reduce emissions.
Justin Trudeau announced that there will be about $6 billion provided to municipalities immediately for projects that are ready to start. The rest will go into a $3 billion per year fund that can be accessed by municipalities on a project-by-project basis beginning 2026-2027. As Ontario begins to recover from the pandemic and people return to city life and university, this project will benefit hundreds of thousands of people. The goal is that everyone will have more access to better quality, cleaner, and safer public transit.
Easier Commute
Investing $14.9B for public transit projects will connect new neighborhoods and reduce daily travel times for commuters. These upcoming projects will also be used to meet the growing demand for walkways and paths for cycling. More people will be able to avoid the stress that comes from daily driving in highly congested areas.
Public transportation is also a cheaper alternative to owning a vehicle. In densely populated cities like Toronto, public transit has shown to be effective and useful for hundreds of people, especially since the cost of living in the city may be too high to afford a vehicle. The new transit expansion within the GTA will help make 47,000 more jobs accessible by transit for Toronto residents.
Environmental benefits
Using public transportation and decreasing fuel consumption is beneficial to our planet. A large amount of greenhouse gases that are emitted into the air is from traffic congestion and single occupation transportation. Carbon dioxide from automobile emissions is contributing to global warming that is dramatically changing the global ecosystem. Public transit is a popular method of transit especially in cities like Toronto, but not used enough to offset our carbon footprint. By expanding public transit options it will target a larger number of people, in hopes to provide environmental benefits.
Investing $14.9B for public transit projects will allow people to have more environmentally friendly options. Each full TTC bus saves 70,000 liters of fuel and effectively removes nine tonnes of pollutants from the air each year. By increasing the number of transit lines and expanding them will allow more people to choose public transportation and less need for single-occupant vehicles. Public transportation reduces air pollution and greenhouse gasses emitted into the air. With the government investing in these cities the project will drastically help the battle we face with climate change.
Increase of job opportunities
As each project is planned it will benefit the economy and create hundreds of jobs along the way. This project will play a key role in growing the economy by providing jobs from construction to public transit roles. Job creation will help lower unemployment rates and increase spending which is good for economic growth.
Investing in Public transportation will provide a long-term solution to many issues largely populated cities face like Toronto and Vancouver. By making a conscious effort to consume less energy and make more environmentally friendly decisions can help reduce climate change and provide a better future for our earth.
For Real Estate Investors
This investment by the government will have an impact on Toronto and the GTA as it is creating jobs, shortening commute times, and decreasing emission levels. As Canada has a strong commitment to immigration and population growth, the need for transit will be huge! With more transit options, we will be seeing property values increase substantially especially in locations where there are transit services in close proximity. These Toronto transit plans will have positive impacts on the communities around them.
