Street parking may jump by 50 cents an hour

September 14th, 2017  |  Auto

The Toronto Parking Authority will be voting on Monday as to whether 123 off-street parking locations across the city will see a rate increase of up to 50 cents per hour. The TPA has proposed a 25-50 cent price increase on short-term street parking, and $5-$30 increase on monthly rates. According to the TPA, the increase in rates are estimated to generate $3-$3.5 million in additional total annual parking revenue.

Additionally, the TPA believes that this will give business a boots, as the increase will open up more rotating parking spots for those that wish to shop for shorter periods at a time.

"We have to make sure that the short-stay parkers can usually get a space as they have an expectation of being able to park and the main way we have of doing that is to raise the prices to discourage some of the longer stay users," Ian Maher of the TPA told CBC Toronto.

The Toronto Association of Business Improvement Areas has been informed of the hike, and believes it will help to drive business.

"We never want to see the price increase if possible," said the organization’s executive director, John Kiru, in an interview. “But in this case, the TPA makes a sound argument by promoting short-term rotating parking spots. I think our shops, the quality of our restaurants will warrant the extra half a buck.”