The Toronto Parking Authority has approved a new budget that calls for the second increase for metered parking rates in two years. If passed by city council, the majority of fees will go up by 25 cents, an increase the agency said is in line with comparable cities.
Toronto has about 22,000 metered parking spaces with different rates depending on the region. The only rates that won’t jump under the TPA budget are those where parking currently costs $1.50 an hour, although there will be about 400 fewer of those spaces going forward.
The TPA board approved a rate hike for the others on Friday. Most metered parking spaces in the city — a little more than 16,000 in total — currently charge either $2.75 per hour or $4 per hour. If city council approves the TPA increase at their December meeting, the cost of those spaces will rise to $3 and $4.25 per hour.
The most expensive parking rate, which applies to about 2,500 spaces, will rise to $6.75 from $6.50. Rates in off-street locations will also increase, but they vary from location to location.
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Though drivers will grumble at the higher costs, Jeffrey Dea, vice-president of business development at TPA, says the proposed rates are still comparatively low. “We do sit quite a bit lower than when compared to other big cities across North America,” Dea said. “New York City charges up to $11 an hour and Vancouver, as well.”
Dea also said the prices are meant to encourage people to give up their spaces. “Really what the rates are intended to do is encourage short stay, high turnover parking so that we can serve the most number of customers and local businesses in the area.”
The new rates are expected to generate about $5 million in new revenue for the TPA, which it will reinvest in its facilities.
The move comes just months after the city hiked the cost of fines for parking infractions. The penalty for not paying at a parking meter, for example, will rise to $50 from $30 on Aug. 1.
Coun. Brad Bradford, who has been outspoken on recent property tax increases, called the TPA’s rate increase “modest,” noting that parking rates have only increased twice in the past seven years.
“When we contrast that with private-sector parking, it is still much more affordable,” he said.
The timing of the new rate increases is a bit of a moving target as each individual meter will require manual adjustments. But Dea said the rate increases will be phased in over time beginning in the new year.
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