2020 Off-Street Rate Review

2020 has been a year significantly influenced by the Covid-19 pandemic. Wide-spread impacts to the retail and commercial sectors, the decentralization of the workplace and changing trends in commuter behaviour have all had far-reaching impacts on the demand for parking at TPA's car parks. Given the atypical conditions experienced, TPA is not recommending any adjustments to the rates at its off-street parking facilities at this time. TPA will continue to monitor parking activity and will further assess the impact of parking rates on parking demands through the remainder of the year and 2021. This report provides an overview of the 2020 annual rate review of TPA's off-street parking facilities and summarizes the trends found across the portfolio. TPA Board approval is also requested to establish monthly rates at 73 facilities where no monthly rates currently exist. The establishment of these rates will provide TPA greater flexibility to consider short-term permit arrangements when needed by other City Divisions, Agencies and Corporations for special projects, events and mitigation of impacts related to construction projects. This report also responds to the request from Toronto City Council for TPA to include a Parking Market Analysis as part of its annual Budget Submission. The purpose of the analysis is to review the effect that rate changes have had in terms of usage levels and parking revenue as well as calculating the price elasticity associated with changes to rates. While the Parking Market Analysis required as part of the 2021 budget process would have assessed the impact of rate adjustments implemented as part of the 2019 off-street rate review, there is insufficient information to assess the impact of these rate changes, which were implemented in February of 2020 just before the Covid-19 pandemic began. A further Parking Market Analysis will be carried out and considered as part of the 2022 budget process.