DAILY NEWS Oct 18, 2012 11:00 AM - 0 comments

Parking rates in Canada continue to climb

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TORONTO 2012-10-18

Canadian drivers should not expect relief any time soon when pulling into a parking lot in major cities across the country, as parking rates continued to climb this year according to Colliers International’s 12th Annual Parking Survey. The average median rate for a monthly unreserved parking spot grew by 2.7 per cent over the past year, now at $241.72, compared to $235.33 the year prior.

Calgary maintains its dubious title as Canada’s priciest city to park with an average median parking rate of US$439.93, second only to New York (US$562 Midtown, US$533 Downtown) and higher than other large North American cities such as Boston (US$405) and San Francisco (US$375). However, the rate increase in Calgary this year was somewhat moderate at only two per cent, below the national average.

But while Calgary experienced a moderate parking rate increase, drivers in Montreal ($330.96), Regina ($182.50) and Edmonton ($295) saw their parking fares spike by 11.7 per cent, 8.3 per cent and 7.3 per cent respectively compared to 2011. On the other end, Torontonians ($316.40) and Vancouverites ($277.82) felt some relief as the average median parking rates in these cities decreased from last year by 4.8 per cent and 3.5 per cent respectively.

“Improving economic conditions, a strong office market and limited future supply of new parking spots are all contributing to the continued increase of parking rates in all categories and across the country,” says Ian MacCulloch, National Research Director with Colliers International in Canada. “Currently, only Calgary, Ottawa, Saskatoon, Waterloo Region and Winnipeg are expecting to add new parking spots over the next year and in limited numbers. This shortage of new supply will continue to put upward pressure on parking rates.”

The limited availability of new parking spots in major city centres across Canada is also reflected in parking lot waiting lists. The average waiting time for a parking spot in Canada is currently just under eight months, with motorists in Victoria, Halifax and Regina expecting a waiting period of between 12 to 24 months.

Canada Monthly Unreserved Parking Rates by City*

Rank

City

Average Monthly Rate

Year-Over-Year    per cent Change

1

Calgary,   AB

$456.75

2.0

2

Montréal,   QC

$330.96

11.7

3

Toronto,   ON

$316.40

(-4.8)

4

Edmonton,   AB

$295.00

7.3

5

Vancouver,   BC

$277.82

(-3.5)

 

CANADA NATIONAL AVERAGE

$241.72

2.7

6

Ottawa,   ON

$225.00

2.3

7

Victoria,   BC

$184.80

0.0

8

Regina,   SK

$182.50

8.3

9

Halifax,   NS

$181.60

4.8

10

Winnipeg

           $159.86

                   5.0

11

Saskatoon,   SK

$157.50

0.0

12

Waterloo   Region

$132.49

3.3

*Unless otherwise noted, all figures are in Canadian dollars.

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Companies in This Story

Colliers International



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