11/13/2013 11:28 EST | Updated 01/23/2014 06:58 EST

TTC considering 5-cent fare hike

Commuters could be paying more to take the Toronto Transit Commission next year as it looks to offset rising costs.

The TTC is looking to raise the price of an adult token by five cents, to $2.70, on Jan. 1 and to also increase either the cost of cash fares or of a Metropass, according to an internal report that will be reviewed by the board next week.

The proposals came to light as the TTC prepared, on Wednesday, to mark what is believed to be its 29-billionth rider since the service was formed in 1921.

The TTC’s subways, buses and other vehicles will carry some 540 million passengers in 2013 according to the report, up 2.3 per cent from 2012. The TTC says its year-over-year ridership is the third largest in North America, behind Mexico City and New York City.

The report predicts the TTC will spend $59.6 million more than its 2013 budget in ‘14, due to higher costs including fuel and electricity, and the increased maintenance and service demands brought on by more riders.

If approved, the first part of the proposed fare hike would increase the cost of a single adult token to $2.70 and impose a “proportional” hike on other fares; raising student and senior tickets by a nickel, to $1.85, and a regular Metropass by $2.50 to $131.

The second part would either increase cash fares — from $3 to $3.25 for adults, from $2 to $2.15 for seniors and students — or would further raise the cost of a Metropass, to $133.75 for adults.