In 1997, the Canadian Pacific declined to renew their lease of the Guelph Junction Railway, and the Toronto Suburban Railway won a 99 year lease on the line.
Initially, the TSR operated the railway with leased GMD power, but by the mid 2000s they decided that it would be better to string overhead wire and operate it as an integrated subsidiary of the TSR.
The TSR borrowed power from the Hamilton & Brantford at first, then ordered new class O2 power from the Portland Shops. And then in 2026, after the United Railways Trust merger and subsequent AC electrification of the CPR’s lines in the Golden Triangle, they ordered a pair of Portland’s M4dac motors so they could run trains through to CPR’s main yard in Scarborough.
The Guelph Junction is a immensely profitable line, and even after revenue sharing with the city of Guelph it brought in enough money to pay for the electrification in 2011 – six years after the wires went up – and since then it’s made the TSR the second most profitable radial in the Ontario Radial Railway Company’s system.