The highway opened in 1997, and highway cost roughly $1.6 billion. The published $1.6 billion cost does not take into account more than $100 billion spent since the early 1970s acquiring the land that it sits on.
As part of a controversial plan to balance the budget, and just prior to the Harris government's re-election campaign, the highway was leased to a conglomerate of private companies in 1999 for $3.1 billion, who renamed the route 407 ETR. The company, known as 407 International Inc., is owned by a consortium of Cintra Concesiones de Infraestructuras de Transporte (major shareholder) from Spain, Macquarie Infrastructure Group, and Montreal-based engineering firm SNC-Lavalin. The deal included a 99-year lease agreement, unlimited control over the highway and its tolls and a restriction under which the government may not build any nearby freeways which might potentially compete with 407 ETR; however, the Government maintained the ability to build a light transit system along the 407 right-of-way.