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.