If you decide to head out this Halloweekend, you'll likely have a frightening time hailing a cab. And if you decide to use Uber, you'll probably face steep surge prices, leaving you with a nightmare of a bill. Don't despair though because Toronto's dropping taxi base fares by $1 starting this Sunday, November 1.

Remember last month's marathon, six hour Uber-related debate in city council? The one where councillors decided to consider regulating the car-sharing service? Along with drafting a report on a possible regulations, the city also voted to reduce base taxi fares from $4.25 to $3.25. It's all in the spirit of making the taxi industry more competitive, notes Global News today.

According to Global, the city will also hand out 100 new taxicab licences to those on the waiting list.

"Toronto should have a competitive taxicab industry that serves both the public and drivers well. That's why I supported Council's decision to reduce the minimum fare paid by the public by $1," said Mayor John Tory in a statement released today.

"This will make moving around the city more affordable for the public, and it will help the traditional taxicab industry compete."

What do you think? Will this help Toronto taxis compete with Uber?

Photo by Anthony Whittingham on Flickr