Toronto parking rates could soon rise. Here is what you need to know. [Video]

Parking on the streets of Toronto could cost drivers more next year.

The Toronto Parking Authority is proposing a 25-cent increase for nearly 20,300 metered parking spaces.

The recommended increase is outlined in the agency’s budget report, which will be first considered by its Audit and Risk Management Committee this week.

Currently, on-street parking hourly rates range from a minimum of $1.50 and a maximum of $6.50.

If approved by city council, drivers could pay as much as $6.75 per hour to park in high-demand areas. TPA plans to keep the minimum $1.50 hourly rate at 1,323 parking spots.

TPA said the recommended increase is based on several factors, including inflation, price elasticity and the rates in other North American cities.

The city agency noted in its report that Toronto’s on-street hourly rates remain considerably low compared to other cities like Vancouver (up to $11/hour), Chicago ($9.35/hour) and New York City ($9/hour).

“Notwithstanding, the continued pressure on TPA’s on-street …