The cost of parking at many of the TTC’s commuter lots will go up by a dollar or two as of the new year.
The TTC board has approved rate increases at 14 of its 24 commuter lots that will take effect on New Year’s Day.
The rate increases will generate an estimated $1.5 million in additional revenue and will go towards covering an ongoing operating deficit in the TTC’s budget.
“There is a possibility that a few people may be discouraged from using the TTC but we have done the elasticities and looked at the cost of other places to park and we think the economics of this can be justified and that actually most people will continue to use the TTC,” CEO Andy Byford told CP24 on Tuesday. “We get that it won’t be popular but we are kind of between a rock and a hard place with our budget right now.”
Byford told CP24 that the TTC did not take the decision of hiking commuter lot prices lightly but in the end he said that he felt that there was “no choice.”
Byford also noted that prices at commuter lots have not risen in recent years.
In fact, a staff report said that many lots have not seen increases since 2001.
“If we were to charge market rates for those lots they would be much, much higher. If you compare them to rates around the city they would be some of the most affordable day parking rates in Toronto and really the GTA,” TTC Chair Josh Colle told CP24 on Tuesday.
Here is a full list of the price increases that will take effect on Jan. 1.
