Press Release
Ontario is selling eight government-owned buildings across the province, freeing up valuable taxpayers’ dollars to be invested in health care and education.
Ontarians look to their government to provide services, not to be a landlord. The private-sector can manage office space much better and at a lower cost.
That’s why, in keeping with the recommendations of the Drummond Commission, the government is moving forward with a plan to:
•sell and lease back eight buildings across the province; and
•reduce the amount of office space leased in Toronto.
The plan will protect jobs while ensuring that the public services Ontarians value remain strong, accessible, and in our communities.
This initiative could generate upwards of $500 million in revenue. And over the next 25-30 years, it will generate an additional net savings of almost $300 million.
Moving away from owning office buildings, and focusing on investing in what matters most to Ontario families, is part of the McGuinty government’s plan to eliminate the deficit.
“This is a serious step forward in the McGuinty government’s plan to eliminate the deficit while focusing on what matters most to Ontario families—health care and education,” said Infrastructure and Transportation minister Bob Chiarelli.
“By looking at new ways to manage our real estate, we have the potential to save hundreds of millions of dollars while protecting jobs and public services,” he added.
The Ontario government currently occupies 7.7 million square feet of space in Toronto in more than 100 buildings.
In Toronto, the realty plan would shrink the government’s real estate footprint by about one million square feet, equivalent to 43 storeys of office space in the Toronto-Dominion Bank Tower.
