Ontario has promised Toronto over $1B in new funding. Here's how it would be used

Premier Doug Ford and Mayor Olivia Chow announced a major new funding deal for Toronto Monday, but despite its high price tag, much of the money isn't guaranteed until Ottawa takes a seat at the table.

Much of the attention on Ford and Chow's joint announcement Monday focused on the province taking over two major Toronto highways and the city stepping aside on the Ontario Place redevelopment. 

While major announcements, those two agreements are only pieces of the larger deal, which includes funding agreements that touch on transit, homelessness and housing. However, much of the money is contingent on federal funding. 

On Monday, both Ford and Chow also called on the federal government to similarly increase funding to the city, which has been a regular rallying cry from the pair in recent months.

WATCH | Premier, mayor announce new deal for Toronto:

Here's what you need to know about the deal: 

Toronto city hall has been asking the federal government for money since before Chow was elected mayor. In April, deputy mayor Jennifer McKelvie wrote a letter to Federal Finance Minister Chrystia Freeland asking for funds to help the city cover budget shortfalls created by the pandemic. At the time, Freeland said the city it should ask the province. 

In September, Chow and Ford announced the formation of the working group that led to Monday's deal. At that time, Chow said the city is carrying more than $1.1 billion worth of services on behalf of the provincial and federal governments.

In light of Monday's deal, a spokesperson for Freeland said the government "has and will continue to be a strong partner for the people of Toronto."

Here's what Ford and Chow are looking for from Ottawa: 

Aside from the monetary commitments, the province and city have agreed to work together on other goals like increasing the housing stock and reducing gridlock. 

As well, the province and city will undertake a review of the sustainability of the city's finances by 2026, which would determine if more action will be necessary and how each level of government can play a role.