The TTC is losing up to $20 million per week because of COVID-19
The TTC is losing millions of dollars a week thanks to an unprecedented drop in ridership due to COVID-19.
According to Toronto's public transit agency, the TTC is currently seeing a whopping 70 to 75 per cent fewer riders across the system compared to earlier this month.
The decrease in fares has resulted in revenue losses between $18 to $20 million per week, says TTC spokesperson Stuart Green, where a normal week would bring in approximately $25 million.
That number is already down significantly since last week, when Green last reported that ridership was down to 4.5 million rides from 10.4 million rides as of March 17, meaning a loss of about $14 million.
Preliminary numbers are in. #TTC still providing hundreds of thousands of trips every day!!— TTCStuart (@TTCStuart) March 20, 2020
But as of March 17, weekly ridership down ~50-60% from 10.4M rides ($24M) to 4.5 million rides ($10M) not including recent changes around store/workplace closures. We will
The most recent numbers show that subway ridership was the hardest hit, down by 80 per cent. That was followed by the number of streetcar riders, which was down by 76 per cent.
Meanwhile Wheel Trans vehicles saw a decrease in ridership of 75 per cent, and bus ridership was down by 62 per cent.
In regards to a future TTC bailout, both the city and the public transit agency have said the conversation is ongoing as the pandemic causes revenue across many industries to plummet.
"When the time is right, we will make our case for compensation and support," said Green.
Meanwhile, Mayor John Tory said that service levels will remain for those who need to get to work or leave home for essential goods and services, as will fare prices, despite calls for the TTC to be free during COVID-19.
Join the conversation Load comments