Bad news for everyone holding out hope that "it won't be that cold" on New Year's Eve: It will be. Sorry.

Environment Canada is forecasting a low of -23 C on Sunday evening, and that doesn't even include the wind chill (which could make it feel like -30 C or below).

Toronto Public Health has yet to lift the extreme cold weather alert that's been in effect across the city since Christmas and, with no relief from the freeze in sight, things don't look very promising for outdoor revellers.

The city just announced that it will be shortening its annual New Year's Eve celebration at Nathan Phillips Square for 2018 "due to current extreme cold weather conditions."

"The New Year's Eve event will begin shortly before midnight with a live DJ set, followed by a countdown to the fireworks display at midnight, as planned," reads a media release issued by City Hall on Friday.

"The City will continue to monitor weather conditions over the next 48 hours and make further adjustments, if necessary."

Fortunately for those who insist on going out, there are loads of other parties taking place on NYE. There are also plenty of ways to get around town this Sunday night – for free – that don't involve walking in the cold.