TORONTO – Ontario Premier Doug Ford says his government is considering buying back Highway 407, which runs across the Greater Toronto Area.
The Mike Harris Progressive Conservative government sold Highway 407 in 1999 for $3.1 billion dollars to a consortium that included SNC Lavalin, Quebec’s provincial pension fund and Spanish company Ferrovial.
The Canada Pension Plan Investment Board now owns 50.01 per cent of 407 ETR, which runs the tolled highway.
The province owns a 22-kilometre stretch on the highway’s eastern flank and tolls drivers at a significantly cheaper rate than the private portion of the highway.
Ford is also doubling down on his idea to build an expressway tunnel underneath Highway 401 across the GTA, after announcing the launch of a feasibility study on it last week in an effort to reduce gridlock.
This report by The Canadian Press was first published Oct. 2, 2024.
