Toronto parking rates could jump by 50 cents an hour

Toronto parking rates could jump by 50 cents an hour

The Toronto Parking Authority (TPA) is looking to hike parking prices at 123 off-street Green P facilities across the city.

The agency is proposing a 25-to-50-cent increase in hourly rates and $5-to-$30 hike to monthly rates at varying locations. 

The TPA says the recommended changes will drive more people to local businesses since it will open up more rotating parking spots for people who just want to shop for a few hours.

"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 says local businesses were informed of the changes that may be coming.

"We never want to see the price increase if possible," the organization's executive director, John Kiru, said in an interview. But in this case, he says, 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," said Kiru.

The changes are estimated to generate $3 million to $3.5 million in additional total annual parking revenue, the TPA says.

The Toronto Parking Authority will vote next Monday on the proposed increases.