[4][7] In 1927, the TTC signed a contract with Trinity College leasing a parcel of land at Bay and Edward Streets for an open air coach terminal.

[11] After the departure of GO Transit, the Elizabeth Street terminal only handled arrivals for the remaining bus lines.

[12][13] The bus bays on the south side of the building were decommissioned and the area converted into a Green P paid parking lot.

The restaurant was unable to attract enough passengers to sustain itself and the vendor instead was given space to run a snack bar on the main floor and a passenger lounge and bar in the basement, leaving the upstairs area to be converted to office space.

An enclosed pedestrian walkway, with lockers lining the south wall, was built on the south side of the bus shed connecting the main terminal building with Elizabeth Street allowing passengers to walk from the main building to Elizabeth Street, and then cross the street to the Elizabeth terminal, without having to walk through the bus bays in the main terminal.

A newspaper stand was located in the basement along with, over various years, a shoeshine stand (in earlier decades), a travellers' lounge called Kramden's Kafe (after it moved from its original location as the upstairs restaurant) serving snacks and alcohol and equipped with a pool table, and finally a bakery.

[14] Greyhound Canada suspended service in May 2020 due to the COVID-19 pandemic, and announced on May 13, 2021, that they were permanently ending Canadian operations.

[20] In April 2022, Toronto City Council approved a plan to redevelop the site into a mixed-income, mixed-use development that includes affordable housing, and a paramedics multi-hub, and office spaces for the life science and biomedical sectors.

[25] The terminal was originally owned by Gray Coach Lines when it was a Toronto Transit Commission subsidiary.

As a result, the coach lines took over the operational control of the terminal and opened their own ticket booths, where previously TTC employees had handled ticket sales and taken a commission in addition to platform fees charged to the coach companies.

[19][30][31] The Toronto Coach Terminal is located one block west of Dundas subway station and was connected to it via the underground PATH network.

The bus platforms are located on Edward Street, on the west side of the terminal building.