Talk of a TTC fare hike is gaining momentum, meaning we could be paying more at the turnstiles as early as January 1st.

A report released this week revealed the transit body is facing a $17.4 million shortfall this year. That's expected to grow to $80 million in 2010.

Part of the problem has been lower than expected revenue from the increasingly popular transferable Metropass.

“I just hope that we don’t get into a situation where there’s a move to raise the metropass proportionally to the other fares,” said transit advocate Steve Munro at City Hall Thursday.  

Some city councillors say the monthly pass is too good a deal and the price should be increased.

One way to avoid a fare increase, maintain TTC officials, is more government funding, but TTC Chair Adam Giambrone said it’s way too early to speculate on any increases and that none will come until 2010 at the earliest.