Without an EA and initial design work, anything can be up in the air. We still have funding problems, EA approval, TBM ordering, land acquisition and tendering to get through. The EA will take at least 2 years to be approved if it starts soon. This includes about 3 public meetings. It will take at least another year and a half to put a shovel in the ground after the EA process. If TTC actually goes with a P3 and tender the whole thing out to a consortium, it will take longer to tender as the consortium needs to do some design work. 5 years for construction is really pushing it considering TYSSE and Crosstown are taking significantly longer. Heck it takes 4 years for a LRT with little digging. It should really be 2.5 years for a surface LRT like Finch West. With everything approved and funded, Finch wouldn't even start till late-2017.
I don't expect any groundbreaking work will occur till late 2020. Late 2026 or mid 2027 is more likely opening date. Even the crosstown was planned for a 2020 completion was set to 2021 by the consortium at the time the project is tendered.
The figures are chosen are very optimistic and never correct. TTC has failed to deliver anything on time recently. TYSSE, Leslie Barns, streetcar overhead replacement, Line 1 ATC, etc. They should just told everyone the subway will open by 2028 with a possible $4.5B. Let's see if the councilors still prefer it over the LRT.