TORONTO -- Toronto's transit riders will be looking at a five-cent fare hike in the new year.

The city's transit commission voted for the fare increase Wednesday, meaning the price of a token will rise to $2.65 from $2.60.

Student and senior tickets will increase to $1.80 each, up from $1.75.

Adult monthly passes will also cost more, increasing to $128.50 from $126.00, while weekly passes will cost a dollar more, going up to $38.50 from $37.50.

Cash fares will be unchanged at $3 for adults and $2 for students and seniors, and child tickets will remain 75 cents.

The Toronto Transit Commission expects the fare increase to generate $18 million annually, which would close the majority of the $28-million gap in its 2013 operating budget.

The commission also approved its 2013 budget Wednesday.

"It's no surprise," rider Toby Zitzer said of the fare hike. "But it's frustrating, especially when the service isn't there -- when you have to wait nine minutes for a subway train in rush hour."

Zitzer said he'd prefer it if the commission just raised the fare to $5 instead of "nickelling and diming" riders every few years.

But another rider, Brian Cheung, said the existing fare is already too high.

"If they're adding new fares, then they have to build something new," he said. "There still aren't enough new trains."

The commission also voted Wednesday to introduce a report on the costs and benefits of extending the weekend family pass to weekdays and offering free travel to seniors outside of peak hours.

The fare hike was previously approved in principle by the commission in September, and takes effect Jan. 1.