[11] BMO Field was originally constructed as a soccer-specific stadium for the 2007 FIFA U-20 World Cup[12] and first home for Toronto FC.

It has since hosted the 2016 and 2017 finals featuring Toronto FC, under the current practice of giving home field advantage to the side with the better regular-season record.

From 2014 to 2016, the stadium underwent a series of major renovations, which added an upper deck to the east grandstand and a roof over the seating areas, and lengthened the field to make it suitable for hosting Canadian football.

The latter allowed for the Toronto Argonauts to move to BMO Field beginning with the 2016 CFL season, which also saw the 104th Grey Cup played at the stadium.

The most recent was Exhibition Stadium, which lost its two primary tenants, the Argonauts and the Toronto Blue Jays of Major League Baseball (MLB), with the 1989 opening of SkyDome (now Rogers Centre).

[14] That July the Canadian Soccer Association (CSA) announced separate plans for a 30,000 seat $82 million stadium at the site, to host the 2007 FIFA U-20 World Cup which it had bid on.

[15] The governments of Canada and Ontario agreed to provide a combined CA$35 million in funding for a new stadium if the CSA was successful in acquiring the rights to the tournament.

[16] At the time, Maple Leaf Sports & Entertainment (MLSE), owners of the National Hockey League's Toronto Maple Leafs and the National Basketball Association's Toronto Raptors, was also looking for a stadium to host a new Major League Soccer (MLS) team they were considering launching.

The league considered soccer-specific stadiums to be necessary for an expansion franchise to be granted, due to the improved atmosphere and control of revenue streams.

[16] However, MLSE backed out of the stadium due to a lack of financial return, and the deal ultimately fell through in 2004 when the university's new president withdrew his support after its cost rose over $100 million.

"[14][31] The Argonauts attempted to join the project at the last minute, but MLSE, citing budget and time limitations, constructed the stadium such that it could not fit a CFL field without demolition and reconstruction of the end zone stands.

[47] On December 16, 2009, the Argonauts officially abandoned the idea, after the CFL concluded that the venue was not suitable for Canadian football in its current state.

[49] Following Tim Leiweke taking over as president of MLSE in June 2013, he began discussing the company's plans for a major renovation of the stadium.

[54] The City insisted that any renovations included making the playing surface longer to fit a CFL field so it could house the Argonauts, who had to vacate the Rogers Centre by the end of the 2017 season.

[55][56][57][58] Mark Grimes, Chairman of Exhibition Place's Board, began negotiating with MLSE on the project and said "I think I have Mr. Leiweke's ear in that I am a big CFL fan and that we need to get the Argos on stable ground.

[62][63] In addition to making the field compatible for CFL games, the upgrades, which were originally budgeted for $115–120 million, added a new upper deck on the east side, raising capacity from 21,566 seats to 30,000 for soccer, with 26,500 seats in CFL configuration, and is temporarily expandable with additional end zone seating to 40,000 for big events[55][56][57][58][62][64] such as the rugby sevens at the 2015 Pan-Am games, NHL outdoor games, Grey Cup, MLS Cup, possible 2028 Summer Olympics or later or a successful 2026 FIFA World Cup by Canada.

[54][56][58][64] Leiweke in the past had said that even without an expansion the stadium needed $30 million in repairs, and that the original agreement called for the city and MLSE to split that bill equally.

[86] With deadlines approaching to start construction to ensure that the stadium was ready for the 2015 Pan-Am games, MLSE decided to move forward with the first phase of the renovation without first securing further funding commitments from the government.

[87] The lengthening of the field to make it CFL compatible and the infrastructure to allow for a temporary increase in seating capacity was postponed to a third phase costing $20–$25 million to be completed by May 1, 2017, pending a commitment by the governments or other parties to fund it and a usage agreement being reached with the Argos.

[88] Leiweke pledged that if both levels of government funded the project "we're obligated to renovate the stadium for the CFL",[84][91] but if the necessary conditions for phase three are not met by May 15, 2017, MLSE can pull out.

[110] The 2008 MLS All-Star Game was held at BMO Field on July 24, 2008, versus West Ham United of the English Premier League.

The first MLS home playoff game held at BMO Field saw Toronto FC defeat the Philadelphia Union 3–1 on October 26, 2016.

[112] On December 9, 2017, BMO Field hosted its second consecutive MLS Cup in 2017: a rematch between Toronto FC and the Seattle Sounders from the previous edition.

With the Argonauts moving to the renovated BMO Field beginning with the 2016 CFL season, the team was awarded on October 1, 2015, the right to host the 104th Grey Cup at the stadium on November 27, 2016.

The first goal at BMO Field was scored by Eddie Johnson for the Kansas City Wizards in a 1–0 Major League Soccer win over home side Toronto FC in the stadium opener on April 28, 2007.

The first Toronto FC goal scored by a Canadian at BMO Field was in a June 25, 2007 friendly against Aston Villa of the English Premier League.

Andrea Lombardo scored an equalizer at BMO Field's south end to make it 2–2 before Aston Villa ran out 4–2 winners.

The first Toronto FC MLS playoff goal was scored at BMO Field in the 15th minute by Sebastian Giovinco on October 26, 2016, in front of 21,759.

[137] The largest attendance for any event at the stadium was recorded on January 1, 2017, when the Toronto Maple Leafs hosted the Detroit Red Wings in the NHL Centennial Classic in front of 40,148 people.

[140] Notes: 1 One Toronto FC home match played at BMO Field before season postponed, moved, and condensed, due to COVID-19 pandemic.