Drivers heading to downtown Victoria should get ready to fork out a little more money for parking.

Council has approved a price increase at all City of Victoria-owned parkades for daily as well as monthly rates.

Parking at most downtown parkades will now cost $16 – up from $14 per day.

The Yates Street Parkade will increase $1.50 to $17.50 per day, up from the current $16 daily rate.

Monthly rates will also go up by 10 per cent as of June 1.

The city says the increase will hopefully discourage long-term parkers and free up more spots for short-term parkers.

The city is short about 400 parking spots, but says that between 150 to 200 spots will free up once much of the construction taking place downtown wraps up.