Depends if the subway is passing under buildings, water pipes, sewers, gas, and buried lines. Under a building it is really bad.
Rome has it worse. Construction of the Rome Metro Line C began in 2007, and still under construction. Discovery of ancient ruins slow that construction. Toronto has "ruins" as well, but not as old. The First Parliament Site in Toronto, which hosted Upper Canada's first parliament buildings, is now slated for Corktown Station as part of the provincial Ontario Line subway project. Don't know what "ruins' they'll find at and around the Exhibition Station.
 
From the Exhibition bridge:

1000144878.jpg
 
Depends if the subway is passing under buildings, water pipes, sewers, gas, and buried lines. Under a building it is really bad.
Plus in the case of a subway through downtown, it has to pass under PATH tunnels and streetcar tracks. There's just too much infrastructure to do cut and cover anymore.

And thinking about it, just given where the stations are, cut and cover would have ruined the streetcar network. The 501 disruption isn't great as is, but cut and cover (assuming the same station locations) would have meant shutting down or significantly shortening the 501, 504, 510, and 511 (as they all pass over station sites)
 
Presumably they will run into the legendary tunnel from Fort York to the Wheat Sheaf!
The Wheatsheaf Tavern is a well-known historic tavern located at the southwest corner of King Street West and Bathurst Street (667 King St W), which is the same location as the planned Ontario Line King-Bathurst Station. It's the oldest bar in Toronto, operating since 1849. So technically, there will be a "tunnel" from New Fort York & grounds (which the current Exhibition Place took over) to the Wheatsheaf Tavern. Maybe not "Old" Fort York.
 

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