Toronto's new bike share program is officially open for business.

The Bixi bike share service was officially unveiled at an 11 a.m. at Yonge and Gould streets by Coun. Denzil Minnan-Wong, the chair of council's public works and infrastructure committee.

Some 1,000 bicycles are now ready for use at 80 stations around the downtown core.

A map of the bike stations, found within an area bounded by Bloor Street, Bathurst Street, Jarvis Street and the waterfront, can be found here.

A resident or visitor will be able to use the bikes for a fee of $95 a year, $40 per month or $5 per day.

For rides up to 30 minutes, there are no additional fees. Rides that take between 30 minutes and 60 minutes will cost an extra $1.50, while rides from 60 to 90 minutes will cost $3.

City staff said that they may expand the program in the future if there is demand.