TTC parking lot prices could increase this summer

TTC is considering a price hike on nine parking lots to $8 per day, which is expected to raise their revenue by $1 million in 2026.

Parking your car at a TTC lot could get more expensive starting this summer.

A report that’s set to go before the transit board next week recommends increasing prices at 10 of the 23 lots across the city in a move that staff say could generate $1 million in 2026.

“Overall, TTC commuter parking lots have been operating at a financial loss over the past several years,” the report noted.

To reverse the trend, the TTC is suggesting bumping up the rate at eight “well-utilized lots” to $8 per day, including those at Finch Station’s west side and Keele Station, which currently charge $5 and see above 71 per cent daily peak occupancy.

In so-called “below target” lots, where daily peak occupancy falls between 50 and 70 per cent (such as Finch Station East and Islington Station), the daily rate would increase by 25 per cent to a maximum of $8.

No changes are being proposed to “under-utilized lots” and free weekend parking will remain available at most locations.

The price increases would go into effect on July 1, if approved.

In addition to the proposed hike, the TTC is also considering reducing the size of the parking lots it leases from Hydro One at Finch West Station and Pioneer Village Station, a strategy that the report predicts could save the TTC $1.5 million a year starting in 2026.

Price increase could result in ‘small decrease’ in ridership revenue

Nine of the TTC’s 23 lots are leased from Hydro One (as well as two other lots leased from Oxford and Cadillac Fairview). The recommendations made in the report came after the board directed staff to review the TTC’s parking lot strategy in 2023 following a “significant increase in fees” to lease the Hydro One-owned land.

In 2024, the report noted, parking operating costs totalled $12.6 million, including maintenance, snow clearing and leases. That’s nearly double the annual revenue that year of $7.7 million.

“The proposed parking rate adjustment reflects the need to modernize pricing after several years without any increases,” it said.

While the jump in daily parking rates is expected to increase revenue, the report did concede that it could also result in a “small” decrease in ridership revenue.

“The recommended rate increase may impact affordability for customers with low-income who rely on TTC parking lots; however, the rate increase addresses the disproportionate benefit that is given to car drivers,” it said, noting that the newly-proposed rates would continue to be more affordable than nearby alternatives.

“The parking rate increase will help ensure that the costs of parking are borne by those who directly benefit,” the report added.

According to the report, a 2022 survey found that 38 per cent of all TTC trips were taken by customers who do not own a car. Of the 62 per cent of customers who do own a car, fewer than three per cent park at TTC stations.

The report said that any additional revenue generated from the increased parking rates would go towards improving TTC service.