Street parking rates in Toronto could be going up. Here's what it would cost you.
Parking on the streets of Toronto could cost drivers more next year.
The Toronto Parking Authority is proposing a 25-cent increase for nearly 20,300 metered parking spaces.
The recommended increase is outlined in the agency’s budget report, which will be first considered by its Audit and Risk Management Committee this week.
Currently, on-street parking hourly rates range from a minimum of $1.50 and a maximum of $6.50.
If approved by city council, drivers could pay as much as $6.75 per hour to park in high-demand areas. TPA plans to keep the minimum $1.50 hourly rate at 1,323 parking spots.
TPA said the recommended increase is based on several factors, including inflation, price elasticity and the rates in other North American cities.
The city agency noted in its report that Toronto’s on-street hourly rates remain considerably low compared to other cities like Vancouver (up to $11/hour), Chicago ($9.35/hour) and New York City ($9/hour).
“Notwithstanding, the continued pressure on TPA’s on-street paid parking inventory - particularly in high-density areas - further supports the need to increase rates to ensure a regular turnover in parking activity,” the report reads.
“At the same time, increasing rates recognizes the cost of congestion to the City and the premium that should be placed on the value of curbside space.”
TPA estimates the proposed rates are expected to generate $5.1 million in incremental revenue in 2025.
It will be the second time rates for on-street parking go up within the last year. Before this year, it cost between $1 and $5 per hour.
TPA is also proposing changes to parking rates at 112 of its off-street sites.
“The proposed changes will ensure that TPA’s rates are both competitive and consistent with TPA’s rate setting policies,” the report reads.
The agency said the changes could generate $3.4 million in incremental revenue next year.
CTVNews.ca Top Stories
Bird flu, measles top 2025 concerns for Canada's chief public health officer
As we enter 2025, Dr. Theresa Tam has her eye on H5N1 bird flu, an emerging virus that had its first human case in Canada this year.
Azerbaijan observes day of mourning for air crash victims as speculation mount about its cause
Azerbaijan on Thursday observed a nationwide day of mourning for the victims of the plane crash that killed 38 people and left all 29 survivors injured as speculation mounted about a possible cause of the disaster that remained unknown.
Prayers and tears mark 20 years since the Indian Ocean tsunami that killed some 230,000 people
People gathered in prayer and visited mass graves in Indonesia’s Aceh province on Thursday to mark 20 years since the massive Indian Ocean tsunami hit the region in one of modern history’s worst natural disasters.
Thousands without power on Christmas as winds, rain continue in B.C. coastal areas
Thousands of people in British Columbia are without power on Christmas Day as ongoing rainfall and strong winds collapse power lines, disrupt travel and toss around holiday decorations.
Donald Trump says he urged Wayne Gretzky to run for prime minister in Christmas visit
U.S. president-elect Donald Trump says he told Canadian hockey legend Wayne Gretzky he should run for prime minister during a Christmas visit but adds that the athlete declined interest in politics.
Ho! Ho! HOLY that's cold! Montreal boogie boarder in Santa suit hits St. Lawrence waters
Montreal body surfer Carlos Hebert-Plante boogie boards all year round, and donned a Santa Claus suit to hit the water on Christmas Day in -14 degree Celsius weather.
Historical mysteries solved by science in 2024
This year, scientists were able to pull back the curtain on mysteries surrounding figures across history, both known and unknown, to reveal more about their unique stories.
King Charles III focuses Christmas message on healthcare workers in year marked by royal illnesses
King Charles III used his annual Christmas message Wednesday to hail the selflessness of those who have cared for him and the Princess of Wales this year, after both were diagnosed with cancer.
Mother-daughter duo pursuing university dreams at the same time
For one University of Windsor student, what is typically a chance to gain independence from her parents has become a chance to spend more time with her biggest cheerleader — her mom.