A lower base price on cab rides begins Sunday (November 1), after city Councillors decided it was in the Toronto taxi services best interest.
With Uber growing in popularity among riders, conventional cab services will see a reduction in base price from $4.25 to $3.25 per trip.
John Tory releasing a statement on Friday supporting the price drop in the hopes it allow traditional taxi services to remain competitive and be more affordable for patrons to move around the city.
In a related move, the city will be issuing 100 new Taxicab licenses for drivers on the waiting list.
Reaction from the cab companies was positive as many supported the fare drop request to the city.
Uber officials said the drop was a positive move for consumers, who they believe deserve a safe reliable ride.
The city is set to review enforcement of Uber’s unregulated ride sharing services in the coming week.