Those caught parking illegally in Toronto will soon be facing steeper fines.

The City of Toronto says increased fines for certain types of illegal parking will go in to effect on Thursday.

It will now set you back $150 if you are caught blocking sidewalks, double parking, standing in TTC zones or blocking HOV lanes.

"By attaching a real price to blocking lanes of traffic with illegal parking, we will reduce congestion," Mayor John Tory said in a written statement.

"This is just one more step that we are taking to keep Toronto moving and keep pedestrians safe."

Tory says increased enforcement of illegal parking is also part of his plan to battle traffic congestion in the city.

"By making these changes, the City of Toronto will help residents get to where they need to go as efficiently and safely as possible," Councillor Jaye Robinson, chair of the Public Works and Infrastructure Committee, noted in a written statement released this week.

Previous studies have suggested that congestion costs commuters as much as $3.3 billion annually when it comes to delays and increased vehicle costs. The studies also estimated that the cost to the local economy is an additional $2.7 million.