Toronto's Economic Development Committee has voted unanimously to defer a bid for the 2024 Games.

The cost of hosting the Games was estimated at as much as $6.9 billion (£3.8 billion/€4.6 billion) by accounting firm Ernst and Young.

The firm said submitting a formal bid for the Games would cost as much as $60 million (£36 million/€44 million).

Toronto's Mayor Rob Ford said it could be "15 years at least" before the City would realistically consider hosting an Olympics.

Toronto Mayor Rob Ford waves the pan american flag during the Closing Ceremony of the Pan American Games in Guadalajara, Mexico in 2011 ©Getty Images



His deputy Norm Kelly said: "Now is not the right time.

"We must continue to focus our energy and attention on preparing to host the Toronto 2015 Pan Am/Para Pan Am Games.

"Only after the 2015 Pan Am Games can we further explore the feasibility of hosting either the Olympics or the World Expo in the future."

The Canadian city is due to host the Pan American Games in July and August 2015.

The bidding process for the 2024 Olympics and Paralympics will begin next year, with the winner announced in 2017.

Toronto has twice bid for the Summer Olympics, coming third behind Atlanta and Athens in 1996, and second to Beijing in 2008.

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