The price for a token will go up by five cents to $2.70 while the cost of a Metropass will increase from $5.25 to $133.75. The cost of a student or senior ticket will soon cost $1.85, but the cash fare for using transit will remain at $3.00.
All price adjustments will go into effect starting in Jan. 1, 2014.
"It is necessary because we do need to keep the system moving," TTC Chair Karen Stintz said following the vote. "We have record ridership, we have increased labour costs."
Last week the TTC celebrated what is believed to be its 29-billionth rider since it formed in 1921.
The CBC's Natalie Kalata said the transit service expects to reach an all-time record high of 528-million rides this year.
The TTC is also considering putting together a task force to ask the provincial and federal government for a subsidy.
Currently the TTC provides a $0.79 subsidy for each rider compared to York Region's $4.49 per rider. Chicago's subsidy is $1.68 per rider.
TTC CEO Andy Byford said they can't continue to expect "users to keep on swallowing the fare rises."
"We've had to do that today but I think there has to be a sensible discussion about getting affordable sustainable increase subsidies for the TTC," he said.