Two more ride-sharing companies enter the Toronto market. Which has the best deal?

Another new entry into the GTA ride sharing space is a Canadian, Toronto based business called HOVR.

Many Canadians have embraced using ride-share apps, and the market is expected to grow with more than 10 million new users over the next five years.

Uber and Lyft are two of the world’s largest ride-sharing companies, with the former operating in 70 countries with 150 million users. In Canada, the two have dominated the market, but two new ride-share companies are trying to provide Torontonians more options: Hopp and HOVR.

“We are really excited to bring our ride-sharing services to the GTA to have new routes, new drivers, and promote competition in the marketplace,” said David Riggs, the general manager of Hopp in Canada.

Hopp, a service by Europe-based company Bolt, operates in 50 countries worldwide and hopes to give riders another choice when they need to hail a ride. It launched in February of this year.

Meanwhile, Toronto-based business HOVR is a membership-based ride-share service where drivers pay a monthly fee and keep 100 per cent of the fare.

“It’s been an incredible response from both the driver and the rider community. It’s been an incredible ride, no pun intended,” said Harrison Amit, founder and CEO of HOVR.

The company told CTV News Toronto it is looking forward to growing its service.

“The more licensed, insured platforms there are in our space doing it properly, the better the outcome will be for riders and drivers,” said Amit.

With more ride-sharing apps to choose from, does it really matter which one you pick?

CTV News decided to conduct a test and see how much it would cost to go from Scarborough Town Centre to Toronto Union Station at 1 p.m. on a weekday.

Based on the results, all drivers would arrive within one to two minutes. The cost of the trip was $35.24 with Uber, $35.62 with Hopp and $35.36 with HOVR. Lyft was about three dollars cheaper at $32.35.

Prices could differ in other examples depending on surge demand, traffic conditions, and other factors.

“The four apps are all different in how they engage their riders and pay their drivers,” said George Wedge with the Rideshare Drivers Association for Ontario.

“From the driver’s perspective and the rider’s perspective, it’s great because the more options you have,” said Wedge.

Both Hopp and HOVR said they hope to expand their services across Canada in the future.

As competition continues to increase, it could lead to lower prices for riders, but the Rideshare Drivers Association for Ontario said it’s hoping this will also lead to better pay for those behind the wheel, giving them options to switch services if they can make more money.