The NDP MP referenced her late husband Jack Layton's unsuccessful run for the city's mayoralty.
"Jack wanted to be a mayor, maybe I want to be a mayor, too, but maybe not. Perhaps I won’t be able to do it."
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Chow gave a taste of what her campaign platform might be in an interview with HuffPost Canada TV on Monday during a junket for the CBC movie "Jack," which airs this weekend.
Gridlock and transit were at the top of her list.
"We spend so much time commuting, you have very little time with your kids, with your family," said Chow.
As for why Toronto has developed a reputation for failing to implement transit plans, Chow identified a failure of leadership.
"You don't have to be courageous, you don't even have to be bold, because other countries have done it, other cities have done it, it's not ground-breaking anymore," said Chow. "Make a commitment and just get it done."
Chow also pointed to a lack of funding from the federal government for some of the problems facing Toronto.
"Cities get such a terrible deal," said Chow. "It's the federal responsibility to do more.
She said she's eagerly awaiting whether the upcoming federal budget will include more money for cities.
From the sounds of it though, Chow isn't holding out much hope for action from those currently leading the country.
"I think the people are so much more advanced than the politicians," said Chow. "We just need to have a better government so that we can create a city and a country that's better ... Let's not take mediocre as a bar."
While Chow had not yet acknowledged she was even considering a run during the Monday interview, she did sound like someone who has at least a few campaign talking points up her sleeve.
"I love this city, this is my home, I know every street in downtown Toronto," said Chow. "But this city has a lot of challenges, like gridlock, which require leadership from all levels of government."
"Jack" airs on CBC on Sunday, March 10 at 8 p.m. ET/PT.