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The school was founded by the Order of St. Basil-the-Great in 1962, as a private boys' boarding school. The emphasis was on preparing young men for university and the professions.
In September, 1969 the Order of St. Basil-the-Great entered into an agreement with the Metropolitan Separate School Board (now Toronto Catholic District School Board) whereby the Board assured responsibility for grades 9 and 10 while grades 11, 12 and 13 remained private under the jurisdiction of the order.
In 1970 the school became a day school and its boarding facilities were eliminated. Girls were also admitted and the school became a co-educational institution.
As full funding became a reality in 1986, the Order of St. Basil passed on the responsibility of administering the school fully to the TCDSB. The school population had grown to about 1000 students.
In 1993, the Ministry of Education and Training assigned funds to the TCDSB to reconstruct St. Basil. In 1995 a new site was acquired to replace the old facility with a brand new school that was opened in 1999. St. Basil continues to grow and evolve to better serve its community.