Potential Rise in Parking Fees at TTC Parking Lots This Summer
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Find yourself parking at a TTC lot soon? Well, buckle up! A proposal up for consideration next week could set the stage for hiking parking fees at ten TTC lots across the city, starting summer 2023.
The proposed adjustment intends to generate an estimated $1 million in 2026, as highlighted in a report destined for the transit board.
According to the report, TTC parking lots have been operating in the red for quite some time. The reason? Maintenance, snow clearing, and lease expenses outweigh the revenue generated from current parking rates.
To turn this slump around, the TTC suggests boosting daily rates at eight well-utilized lots ($5/day currently) to $8, including spots at Finch Station's west side and Keele Station, which see over 71% daily peak occupancy.
Below target lots (50-70% occupancy) like Finch Station East and Islington Station may face a 25% increase, capping at $8 per day. No changes are on the horizon for under-utilized lots, with free weekend parking still available at most locations.
Curious about the proposed date? If approved, the changes go live on July 1.
The report also hints at reducing the size of parking lots leased from Hydro One at Finch West Station and Pioneer Village Station — a move predicted to save the TTC an estimated $1.5 million annually from 2026.
More Bucks in the Parking Meter — But What's the Impact?
This isn't the first time the board has pondered the TTC's parking lot strategy. The suggestion follows the board's 2023 directive to review TTC parking lots after a significant increase in leasing costs for Hydro One-owned land.
The report, however, concedes that the proposed parking rate hike may have a minor impact on affordability for some low-income commuters but assures that the rates will still be more affordable than alternatives.
According to a 2022 survey, 38% of all TTC trips are taken by customers without a car, while fewer than 3% of car-owning customers park at TTC stations. Any additional revenue from increased parking rates will contribute to improving TTC service.
So, What Will This Mean for Transit and the Environment?
By looking at trends from other cities and transit systems, we can speculate on the possible outcomes of this parking fee increase:
- Transit Ridership: Encouraging more commuters to use transit could potentially boost rider numbers, as long as service quality remains or improves.
- Cost Savings: A shift towards using transit could lead to cost efficiencies and environmental benefits if the system can accommodate the new riders without sacrificing service quality or milkEffective fare integration and maintenance strategies will be essential to absorb the influx and maintain beneficial outcomes.
In conclusion, while this article doesn't have specifics about the TTC's exact pricing plans, broader trends suggest that increasing parking fees could result in higher parking revenue, increased transit ridership, and cost savings and environmental benefits, assuming supportive transit improvements and fare policies.
- In light of the proposed adjustment, TTC parking lot rates at ten locations across the city may increase, starting summer 2023, bringing the daily cost to $8 at some well-utilized lots.
- The transit industry, including the TTC, is turning to finance for solutions, with the aim to generate an estimated $1 million in 2026 from increased parking rates to improve service.
- The hike in parking fees at TTC lots might have a minor impact on affordability for some low-income commuters, according to the report, but rates will still be more affordable than alternatives.
- Public-transit usage may witness a positive shift with the enhanced parking fees, leading to potential boosts in rider numbers and cost savings for the environment as long as service quality remains favorable.
- The business community and transportation experts should keep a close eye on this trend, as it might presage a pattern of increased parking rates at other transportation facilities in the future.
