'This new and more durable Toronto sign will ensure that it continues to be part of our city’s landscape for years to come,' Mayor John Tory said.

"I think people would approve of us in investing in a new sign because it's very popular with people. I think it is an iconic attraction across the world. It helps brand the city."

The sign, which is right next to the pond in front of Toronto city hall, was erected in 2015 as a temporary installation for the Pan American and Parapan American Games.