In this paper we determine the stretch factor of the $L_1$-Delaunay and $L_\infty$-Delaunay triangulations, and we show that this stretch is $\sqrt{4+2\sqrt{2}} \approx 2.61$. Between any two points $x,y$ of such triangulations, we construct a path whose length is no more than $\sqrt{4+2\sqrt{2}}$ times the Euclidean distance between $x$ and $y$, and this bound is best possible. This definitively improves the 25-year old bound of $\sqrt{10}$ by Chew (SoCG~'86). To the best of our knowledge, this is the first time the stretch factor of the well-studied $L_p$-Delaunay triangulations, for any real $p\ge 1$, is determined exactly.