The Toronto Parking Authority (TPA), which manages all Green P parking in Toronto, is proposing price increases for on and off-street parking rates that is expected to come into effect by year’s end.
Depending on the location, the proposal will see a hike of between 25 or 50 cents per hour at Green P lots.
Meanwhile, on-street parking will also see a boost with current hourly rates of $4 going up to $5, $3 to $4 and $2.25 to $3.
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The hourly on-street rate of $2 will remain the same while the bottom two tiers of $1.50 and $1 will be grouped into the $1 price.
The proposed on-street rate adjustments will be submitted to the Government Management Committee on Sept. 25. Council will then consider the changes at its meeting on Oct. 2.
If approved, the changes will come into effect starting this fall and continuing in the spring of 2018.
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The off-street price hikes will be considered by the TPA’s Board of Directors on Sept. 18.
The parking authority says the rate increases will generate between $3 million to $3.5 million in additional total annual parking revenue.