Toronto's Olympic Dreams Are Dead for Now

Toronto's Olympic dreams are over. For now, at least.

Mayor John Tory announced Tuesday morning that Toronto won't submit a bid to host the 2024 Summer Olympics. Today marked the deadline for potential host cities to submit a letter of interest to the International Olympic Committee.

Tory didn't rule out future Olympic bids—or Toronto hosting other large-scale sporting events—but said that no one was rushing forward with financial support and that time was not on the city's side. The mayor, who said he made the decision Monday afternoon, stated that a bid was not the best use of the city's time, energy and investment. Tory repeatedly mentioned that he believes Toronto can be an Olympic city—one day—and that he will be forming an advisory group to look at the merits of competing for other major sporting events, such as the World Cup of soccer.

"If Toronto is to host a games or other large scale event, we will do it in a way that is sustainable, cost-efficient, innovative and environmentally friendly," Tory added.

Rumours swirled during and after the 2015 Pan Am Games that Toronto hosted in July that the city would in fact make a bid for the 2024 Olympics, and polls found that the public was largely in favour of it. But Toronto, which previously lost out on two bids, will have to wait for now. Toronto unsuccessfully bid on the 1996 Olympics, which were granted to Atlanta, and also the 2008 Beijing Summer Games.

A bid alone, according to a feasibility report from January 2014, was projected to cost at least $50 million. The report estimated the high-end cost of hosting the Olympics at nearly $7 billion.

"We respect the Mayor's decision today and appreciate the thorough consideration given to a potential candidature. Thank you to everyone who supported this undertaking. We remain optimistic Toronto could and should host the Olympic Games in the future," said Canadian Olympic Committee president Marcel Aubut.

The winning city for the 2024 Olympics will be selected in 2017. Paris, Rome and Budapest are among the cities expected to make a bid, while there has been rampant speculation that Los Angeles will, too. Los Angeles has hosted the Olympics twice, the last time coming in 1984.

Montreal, Calgary and Vancouver are the lone three Canadian cities to host the Olympics Games.