The bike sharing system in Toronto is expanding as 70 new stations will be installed in the city throughout August.

The new Bike Share Toronto stations were announced at a press conference this morning by Mayor John Tory, MP Julie Dzerowicz, and the Minister of Transportation Steven Del Duca.

The new stations will bring the total number in Toronto up to 270 with 2,750 bikes and 4,700 docks. 

Bike Share Toronto new station map

This map shows where the 70 new Bike Share Toronto stations will be installed in August. (Bike Share Toronto)

Bike sharing is similar to traditional bike rentals. Bikes can be taken from stations throughout the city, and returned to any station in the same bike share network.

Docks to be installed near TTC stops

These stations will be installed near subway stations and streetcar stops to enhance the city's public transit network. 

The federal government and city will each contribute $1.25 million towards 50 stations, and the city will also add $1.5 million to fund another 20 stations.

This announcement comes after the province provided $4.9 million in 2016 to the Toronto Parking Authority which operates Bike Share to double the size of their network.

According to a news release sent Wednesday, the program has seen 1,191,746 rides over the last 12 months. .

Funding for city transit network

"In 2016, Council approved a 10-year Cycling Network Plan to connect, grow and renew infrastructure for Toronto's cycling routes over the next decade," said Mayor Tory. "The investment our governments are making today to expand Bike Share Toronto will complement that plan and will help Toronto residents who cycle save money, improve their health and wellbeing and reduce congestion in our city."

Last August, the federal, provincial and municipal governments announced a new funding agreement to repair Toronto's transit networks. Multiple infrastructure projects were to start in the city after the signing of an agreement with the province bringing new federal infrastructure funding into effect.