Hundreds of thousands of people will pack Toronto's streets on Saturday for the annual Caribana Parade.

The parade begins at 10 a.m. at Exhibition Place and proceeds west along Lakeshore Boulevard.

Anyone hoping to drive into the downtown via Lakeshore Boulevard this weekend is advised to consider taking an alternate route.

Eastbound Lakeshore Boulevard West will be closed from Colbourne Avenue to Strachan Avenue and westbound Lakeshore will be closed from Strachan Avenue to Parkside Drive from Saturday at 1:30 a.m. to Sunday at 6 a.m.

The festival culminates Sunday with a day-long picnic on Olympic Island.

The Toronto Caribbean Carnival, as it's formally known, is in its 41st year and draws tourists from throughout Canada, the United States and the Caribbean.

According to Ontario's Ministry of Tourism, each visitor is expected to spend about $800.

It is estimated that Caribana's final weekend adds about $250 million to the local economy.

The Davidson family drove up from New Jersey on Thursday and said that judging by the crowd at the border, a lot of people are headed to Toronto this weekend.

"If the border is any indication, yes, there are a lot of people, and a lot of people that we know come," Michelle Davidson told CTV Toronto.

After a slow start to the tourism season, the weekend should turn around the city's fortunes.

"We're looking forward to getting off to a good start in August with Caribana," said Tourism Toronto's Andrew Weir. "It's a big weekend. It's always one of the biggest weekends of the summer."

Many Toronto hotels, including the Westin Harbour Castle, are sold out. As well, hotels in Mississauga and in the Durham Region are full of Caribana visitors.

"I've been in the city for 30 years and every year we sell out," Margaret Readings of the Westin Harbour Castle told CTV Toronto. "It's always a busy weekend. It's always very, very full."

Local restaurants also benefit from the economic boom. Workers at The Real Jerk are prepared for a lineup of people hoping for a taste of the Caribbean, such as jerk chicken or baked fish.

"Anything you want, you come here and get it," Jennifer Dacosta said.

Caribana is a two-week long festival, but most people think of its final weekend, with the king and queen crownings, the steelpan competition, the parade and the picnic, as the main attraction.

Toronto police will respond to the influx of visitors by increasing their presence in the entertainment district over the weekend.

The big weekend got an early start, as the king and queen of Caribana were crowned at Lamport Stadium Thursday night.

Participants say costumes can costs thousands of dollars and weeks to sew.

With a report from CTV Toronto's Naomi Parness