During the winter of 1973, a collective of racetrackers recognized the industry's oversight in not adequately recognizing the trailblazers, equine champions, and modern-day heroes of Canadian racing. A group of individuals, including writers, broadcasters, publicists, and officials from the Thoroughbred and Standardbred industries, came together to recognize and honour the individuals who laid the foundation for horse racing in Canada. It was about time their accomplishments received the recognition they deserved. It took time for this to occur. In 1976, Canada established its Horse Racing Hall of Fame, honouring 44 individuals who were recognized as Builders, Jockeys, Trainers, Driver/Trainers, Standardbreds, and Thoroughbreds.
For two decades, this prestigious institution lacked a permanent residence. On August 22, 1997, the long-awaited dream of the racetrackers from the early 1970s came true as the Ontario Jockey Club offered a permanent location at Woodbine Racetrack in Toronto, completely free of charge.