That's great news.
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Now if the City could adopt some other helpful policies, too:
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Make sure that every subway station - particularly north of Bloor, east of the Don, or west of Bathhurst - has ample bike parking, preferably covered bike sheds as in Switzerland.  Bike lanes leading to subway stations would be a big improvement, too (Kennedy, Warden, Vic Park, etc.).  Riding to suburban TTC stations along 6 lane concession roads with trucks and cars racing past at 80 kmh is not fun.  It is dangerous.  It could be easily fixed by paving the grass margins beside the road for bikes.
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Every time an arterial road is re-surfaced, it should be automatic that bike lanes are paved in the margin beside the sidewalk.  Over time, the sections would eventually join together.  Very common in NW Europe.
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It is a shame that King and Queen are not TTC + Bike + Pedestrian, only, between Parliament and Bathurst.  The King St. traffic change should be an improvement, though.