Prime Minister Mark Carney announced Monday that the federal government is collaborating with the Province of Ontario and the City of Toronto to build a much anticipated light rail transit line east of Yonge Street along Toronto’s waterfront.Carney revealed the partnership during a press conference that announced cutting of municipal development charges (DC) on new homes across the province by up to 50 per cent.The Waterfront East LRT line in downtown Toronto will connect Union Station to the Port Lands – a route currently only served by buses.The line is expected to provide service to more than 150,000 people who will live and work along the eastern waterfront with a projected ridership of 50,000 people daily.Carney said the $3 billion plan is “well thought through” and connects into a “broader transportation network that includes new roads, trails, bridges and streetcars” that are all integrated with other major transit hubs across the GTA. He added that the project will also enable the building of 75,000 housing units.Toronto Mayor Olivia Chow called the line the “critical missing piece needed to unlock the eastern waterfront.”“This rapid transit line is expected to create 100,000 jobs, generate more than $13 billion in economic growth for Toronto, for Ontario and for Canada,” she said. Chow said the City of Toronto has been working with Waterfront Toronto for two years to design the line. Up until this announcement, there was no firm commitment from the federal or provincial governments to fund it.“Today we welcome this agreement – $1 billion each from federal, provincial and city governments. And this investment will unlock entire new neighbourhoods, parks, communities, small business and large ones,” she said.“Generations of people will live in these new communities and ride the waterfront transit line. That is city building and it is nation building… Toronto is ready. Let’s build.”In a statement, Waterfront Toronto called the move a “landmark commitment to unlock housing, connect communities, and drive economic growth along Toronto’s eastern waterfront.”“This investment reflects the strength of tri-government collaboration and a shared commitment to waterfront revitalization. By delivering transit, governments are unlocking housing, enabling economic opportunity, and connecting communities and destinations along Toronto’s eastern waterfront,” said George Zegarac, President and CEO of Waterfront Toronto.The $1 billion contribution from each the federal and provincial governments is a one-time investment and both have said they will not be responsible for an cost overruns. The line is expected to be completed by 2032, but details are scarce on who will take the lead on building the project.Additional transit projects announced A number of transit projects aimed at improving connectivity across the Golden Horseshoe were also announced during the same press conference.Carney said the federal government will partner with the Province on what he called “GO 2.0” to build multiple GO lines, enabling expanded two way, all-day service to Milton and Kitchener. Dozens of new stations will be built and connections will be added to existing transit lines across the Golden Horseshoe.The federal government will also “intensify our collaboration” on the Alto High Speed Rail line – Canada’s first high speed rail project connecting Toronto and Quebec City.“Canadians deserve faster more reliable commutes back home and to our major cities,” said Carney.In addition, Carney said the federal government will also help to accelerate local infrastructure projects that have “frankly, stalled too long.” He pledged to work with the Province to “unlock” the Ontario Line, the Eglinton Crosstown west extension, the Scarborough subway extension, the Yonge north subway extension and the Hamilton LRT.“[These are] projects that connect the GTA and Greater Hamilton Area, shorten commutes, grow communities, get more homes built [and provide] better quality of life,” said Carney.“As we build these transformational projects, they will be subject to our Buy Canada and Buy Ontario policies so that Ontario tax dollars support Ontario workers – that’s a message to the architects and engineers – we have to make sure we buy Ontario or Canadian,” added Ontario Premier Doug Ford.