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Ferries typically cruise around 30 kph, and the distance from Toronto harbourfront to St Catharines is about 50 km. That leads to a travel time of 1:40 minimum. Frankly, rail service seems like a better bet. You can move more people, in more comfort faster.

There are ferries that go faster than that. For example, the Lake Express across Lake Michigan crosses 130km in 2.5 hrs.
The newer Vancouver (Horseshoe Bay) to Nanaimo high speed ferry will make the 55 km crossing in 70 minutes.
 
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the idea is to use hovercraft, which move much quicker than a typical ferry like what goes to the Toronto Islands.

Whether that happens... I don't give it high hopes.
I know that, I thought someone was floating the idea of using a conventional ferry. I agree that the idea likely doesn't hold water (har har).
 

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