While parking fees in Toronto are known to be hefty, you might notice them increase even more soon, as the Toronto Parking Authority (TPA) is calling for an increase in metered rates.
The City agency recently approved a new budget, and if passed by city council, rates will increase by 25 cents at the majority of Green P on-street parking spaces, which currently cost between $1.50 to $6.5o per hour, depending on the location.
The changes would constitute the second increase for metered parking rates in just two years, although, prior to last year’s increase, the parking authority hadn’t increased its fees since 2017.
However, certain metered parking spaces — namely those that currently cost $1.50 per hour — will not be affected by this new increase. Still, in other areas of the city, the changes mean someone could pay up to $6.75 per hour for a parking spot.
Most metered parking spots in the city (approximately 16,000) currently cost between $2.75 to $4 per hour, meaning these spaces will rise to cost between $3 to $4.25 per hour if approved by city council.
The increased fees are estimated to generate roughly $5 million in revenue for the parking authority, which it says will reinvest in its facilities.
