By Canadian Press

Quebec pension fund pulls out of Montreal rapid transit project, province takes over

May 2, 2022 | 9:42 AM

MONTREAL — Quebec’s provincial government and the City of Montreal are taking over a controversial rapid transit project from Quebec’s pension fund manager.

Premier François Legault said today it’s clear there’s no public support for an elevated railway in downtown Montreal.

Legault says that without the downtown section of the rail line, the Caisse de dépôt et placement du Québec no longer believes it can make a profit from the project and has pulled out.

The cost of the REM de l’Est had been projected at $10 billion, but Legault says it’s too early to estimate the new price tag.

The proposed rail line would be an extension of a larger automated light rail project serving western Montreal and several suburbs.

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The original REM was conceived and is operated by the pension fund, and the project’s first section — connecting Montreal’s south shore to the city’s downtown — is scheduled to open this fall.

This report by The Canadian Press was first published May 2, 2022.

The Canadian Press