A sinkhole that has closed a portion of Yonge street for almost two weeks has cost the City of Toronto approximately $250,000.

The sinkhole, which was discovered on Nov. 20, forced crews to shut down Yonge Street in both directions between College and Wood streets.

Jaye Robinson, Ward 25 councillor and chair of the Public Works and Infrastructure Committee, said that the area will likely be closed to traffic for another two weeks as crews work to fix the issue.

"We are looking at Dec. 5 for Toronto Hydro to get their part of the work done and from there, then we’ll step in … and repave the area, which will take until Dec. 11," Robinson told CP24 Tuesday afternoon.

"Now we are hoping we are done before Dec. 11 because it is just too long and has been too disruptive for a very critical intersection."

It is believed that a number of things contributed to the creation of the sinkhole, Robinson said.

"There is a development in the area that has created a lot of vibrations. Staff did eventually find a small water leak, but very small, and there have been a number of utility cuts in the area, which always affects the structural integrity of any road," she said.

"I think it is actually a hodgepodge of all these various issues."

When asked if the developer will help contribute to the costly repairs, Robinson said it is something the city will be investigating.