Toronto street parking fees will increase! Some areas reach $6.75 per hour
According to CP24, drivers need to be aware that parking fees on Toronto streets may increase next year.
The Toronto Parking Authority (TPA) has proposed a 25 point increase in parking fees for nearly 20300 paid parking spaces.
In the budget report of the institution, the proposal to increase parking fees is outlined. The report will be reviewed for the first time by the Audit and Risk Management Committee next week.
At present, the hourly parking rate on the street ranges from a minimum of CAD 1.50 to a maximum of CAD 6.50.
If approved by the city council, drivers may have to pay up to $6.75 per hour for parking in high demand areas.
TPA plans to keep the minimum hourly rate of CAD 1.50 for 1323 parking spaces at the lowest level.
Image source: CP24
TPA stated that the proposed increase is based on several factors, including inflation, price elasticity, and rates in other North American cities.
The city government agency pointed out in a report that the hourly rate for roadside parking in Toronto is still quite low compared to other cities such as Vancouver (up to 11 CAD/hour), Chicago (9.35 CAD/hour), and New York City (9 CAD/hour).
However, the continued pressure on the inventory of paid parking spaces on the roadside of the Toronto Parkway Authority, especially in high-density areas, further supports the need to increase rates to ensure normal turnover of parking activities, "the report states.
At the same time, raising rates also acknowledges the costs that congestion brings to cities and the importance of valuing roadside space
The Toronto Roadside Parking Authority estimates that the proposed rates are expected to generate an incremental revenue of $5.1 million by 2025.
This will be the second increase in roadside parking rates last year. Before this year, the hourly fee was 1 to 5 Canadian dollars.
The Toronto Roadside Parking Authority has also proposed changing the parking rates for its 112 off road parking lots.
The proposed changes will ensure that TPA's rates are both competitive and in line with TPA's rate setting policies
The agency stated that these changes may generate an incremental revenue of CAD 3.4 million next year.
Source link:
https://www.cp24.com/local/toronto/2024/11/03/street-parking-rates-in-toronto-could-be-going-up-heres-what-it-would-cost-you/