It will be a bone-chilling New Year's Eve in Toronto Wednesday night as party revellers will have to deal with temperatures dipping to freezing conditions.

Environment Canada predicts the temperature will drop to -14 C by this evening and warns that it will feel much colder with the wind chill.

The city has issued an extreme cold weather alert in an effort to help get the homeless off the freezing streets and into shelters.

Meanwhile, the city doesn't intent on letting the weather interfere with its annual party at Nathan Phillips Square. Thousands of people are expected to attend the free event featuring music and skating.

The weather agency isn't predicting more snow for Wednesday. Drivers across Southern Ontario were caught off guard when heavy snow fell Tuesday night, dumping five centimeters on already slick roads.

Toronto's clean up crews spent Wednesday clearing roads of slush and snow to prevent the streets from becoming an icy mess in freezing temperatures.

Snow is in the forecast for Thursday. Environment Canada is predicting a 60 per cent chance of flurries late in the day with a high of -2 C.