Toronto is still reeling from the shocking news that John Tory has stepped down from his post as mayor after he admitted to having an affair with a 31-year-old former employee. 

This gobsmacking revelation came just hours after an explosive piece from the Toronto Star brought the mayor's affair with a staffer to public attention. 

Late on Friday evening, Tory called a hurried press conference and publicly resigned, thanking the city for its support over the years, apologizing to his wife and kids, and asking reporters and the public for privacy.

But now that his resignation is confirmed, many are wondering what happens next?

Tory now has to submit a resignation letter to the city clerk, officially ending his two-and-a-fraction terms as Mayor of Toronto, according to section 205 of the City of Toronto Act. 

"The Mayor has not submitted a letter of resignation to the City Clerk at this time and remains Mayor. Once a resignation notice is received, the City will be able to advise on timelines and next steps," said a city representative. 

The biggest outcome is that the city will have to hold a by-election to vote in Toronto's 66th mayor, just months since Tory won his third term in office last October.

A by-election date must be selected, and candidates must submit the proper paperwork to the municipal elections body, according to section 208 of the City of Toronto Act.

Section 207 of the act also says that city council will have to declare the mayor's seat vacant at its next meeting. 

Pending an official letter of resignation, Tory remains in office. Likewise, his official Twitter account has not been updated, and is still listed as the Mayor of Toronto despite his Friday announcement. 

Tory's resignation will not impact any city-run programming like trash collection and other day-to-operations. Some things are standing in the lurch though, including the approval of the city's 2023 budget, which has not been passed.

Tory had previously proposed a major hike to the Toronto Police's budget by some $50 million from 2022. It is unknown if his resignation will impact the proposed budget or if city councillors will throw it out completely.

This week, city councillors will work to tackle the budget problem, with many hoping it will include more money for public services.

Our city is facing challenges, but we must continue the work of building the city we want.

This week, I’m focused on fighting for a Toronto budget that gets it right. pic.twitter.com/ah3KMFpSov

— Alejandra Bravo (@BravoDavenport) February 12, 2023

Until a new leader is elected, Scarborough councillor and Deputy Mayor Jennifer McKelvie will hold the position and continue to run the city as interim mayor.

As for those who have already thrown their hat into the ring, progressive runner-up in the 2022 election, Gil Penalosa, has announced his intention to run again, along with perennial candidate Kevin Clarke.

Other names being floated include past mayoral candidates Chloe Brown, Ari Goldkind, Rocco Achampong, and even former councillor Giorgio Mammoliti.

Candidates who have officially said that they will not run are Joe Cressy, Doug Ford and Jennifer Keesmaat.

It's safe to assume that Tory will probably keep a low profile for the immediate future. He is still scheduled to attend the funeral for former Mississauga Mayor Hazel McCallion, but is no longer expected to make a speech at the memorial.