December 30, 2023 – The 407 ETR (Express Toll Route) announced the ending of a four-year rate freeze. Starting February 1, 2024, new toll rates will take effect, marking the first adjustment since February 2020.
The annual rate schedule update was paused during the COVID-19 pandemic, with tolls frozen at 2020 levels. With traffic returning to pre-pandemic levels, the 2024 rate schedule aims to align with the evolving traffic patterns.
For light vehicles, the new rate schedule reflects an increase of one to 11 cents per kilometer, depending on the time of day and zone traveled. Most personal customers can expect a monthly bill increase of less than $5.
Javier Tamargo, President and CEO of 407 ETR, emphasized the company’s commitment to maintaining exceptional service. The highway, a critical conduit for both personal and business travel, has seen a 70% increase in traffic since 1999.
“407 ETR remains committed to delivering exceptional service both on and off the road,” assured President and CEO Javier Tamargo. “Recognizing the value of a safe, fast, and reliable commute, Ontarians continue to rely on us.”
The company’s ongoing investments include highway maintenance, 24/7 monitoring, roadside assistance, winter operations, and policing. Since taking ownership in 1999, 407 ETR has nearly doubled the highway’s length, increasing from 68 to 108 kilometers, investing over $1.6 billion in extensions, expansions, and customer service.
While often criticized as ‘foreign-owned’ after it’s sale by the provincial government, 407 International Inc., the sole shareholder of the 407 ETR, is actually majority Canadian owned. 50.01% is owned by the Canada Pension Plan Investment Board (CPP Investments) through indirectly-owned subsidiaries; 43.23% Cintra Global S.E. (which is a wholly-owned subsidiary of Ferrovial S.A.); and 6.76%) is AtkinsRéalis Canada Inc. (formerly SNC-Lavalin Inc.).
Other key facts about 407 ETR:
- employs over 500 Ontarians
- 1.7 million transponders are in circulation
- Toll rates are benchmarked against 28 other toll roads across North America, placing 407 ETR rates at the bottom half of its peers.
- A 2022 report highlighted $20.6 billion in socio-economic benefits provided by 407 ETR from 1999 to 2021.
- The company is working toward a 25% reduction in greenhouse gas emissions by 2030, focusing on environmental, social, and governance initiatives.
As part of its commitment to communities, 407 ETR invested $1.7 million in sponsorships, donations, and free travel in 2023. Learn more about the company’s environmental, social, and governance initiatives at 407etr.com/ESGreporting.
A 2022 report highlighted the highway’s socio-economic benefits, totaling $20.6 billion from 1999 to 2021, including improved travel time, reliability, safety, and reduced vehicle operating costs and emissions.
As the toll rates adjust, 407 ETR remains an important part of the Ontario highway infrastructure. But as rates increase and price out some people from partaking, many will excitedly await the building of Highway 413 for a free traffic congestion relief option. For more information about the rate changes and the company’s initiatives, visit 407etr.com.