Ontario Premier Doug Ford says his government is considering buying back Highway 407, and will raise speeds limits once again on 400-series highways.
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.
“Let’s see what they have to say. Let’s look at the 407 as well. All options are on the table,” he said.
“Let’s look at both options as well because we know the 407 is going to be totally jammed in the next 20 years. Let’s look at all options.”
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.
Ford also hiking speed limits on highways
Furthermore, Ford says his government is planning to increase speed limits on 400-series highways across the province.
The government increased speed limits from 100 kilometres per hour to 110 kilometres per hour on six sections of provincial highways in 2022, after several successful pilot programs that first began in 2019. Earlier this year, the province raised the speed limit on 10 more sections of highways across the province.
Ford said Wednesday that he has directed Transportation Minister Prabmeet Sarkaria to raise the speed limit to 110 kilometres on all 400-series highways “where it is safe to do so.” He didn’t offer details on which stretches of highway would see speed limit changes.
Ford says he is leaving no stone unturned in his goal to help fight gridlock and reduce travel times.