Drivers who use TTC commuter lots could soon be paying more for their parking spot.
A TTC staff report, which will go before the TTC board at Tuesday’s meeting, recommends a $1 to $2 increase in daily parking rates at 14 of its 24 commuter lots across the city starting next year.
In the report, staff say demand for commuter parking has increased in the city but “parking rates have remained stagnant.” Some lots have not seen a rate hike since 2001.
“Pricing has generally trailed behind inflation, while operating costs have risen,” the staff report reads.
Staff say that a balance must be found so that a price hike does not impact ridership.
The report noted that in 2009 the TTC discontinued free parking lot access for Metropass holders, a move which caused overall parking usage to plummet. Utilization has since rebounded but the TTC says it must be cautious not to raise rates too high.
“This report’s recommended price increases at select lots will help increase non-fare revenue, while still offering an affordable way for commuter customers to access the TTC,” the document continues.
“These parking rate increases are anticipated to be the maximum amount we can charge without significantly impacting parking demand, as well as the associated ridership.”
The proposed new rates, if approved, would come into effect on January 1, 2017 and would result in an estimated $1.5 million in additional revenue for the transit agency.
The proposed hike comes as the TTC prepares for the closure of several commuter lots due to redevelopment.
The closure of a lot near Wilson Station earlier this month left many frustrated drivers scrambling to find a new place to park.
“It should be noted that future parking revenue will depend on the number of lots the TTC has at its disposal,” the report says.
“The TTC has already lost several parking lots to redevelopment by Build Toronto, having been declared surplus by the City of Toronto in 2009… An additional 2,162 spaces at Wilson Station and Downsview Station will be lost over the next few years.”
But TTC spokesperson Stuart Green said the lost parking spaces will be recovered when the Toronto-York Spadina Subway Extension opens at the end of next year.
He said the TTC will gain about 2,800 new spots when the extension becomes operational.
Green added that the TTC has lost about $2.4 million from lot closures over the past four or five years.
"We have to pay the Toronto Parking Authority contract fees so our costs our going up to run these lots, he said. "We have to find that balance between finding rates that are affordable for our customers and don’t drive them away but also allow us to cover our costs."
While staff did consider implementing paid weekend parking at select lots across the city, the idea was eventually rejected.
“Several lots, including the Kipling station parking lots, experience high utilization levels during weekend,” the report reads.
“And although charging a low weekend rate at these locations may increase overall parking revenue, free weekend parking has been a boon for weekend ridership levels and even a slight price increase may cause these levels to drop significantly.”
