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Parking in Canada is not getting any cheaper as rates continue to climb


Canadian drivers continue to feel the pinch when pulling into the parking lot, as parking rates across Canada kept climbing over the past year according to Colliers International’s 10th Annual Parking Rate Survey. The median monthly parking rate reached $224.10 while the median daily rate rose to $14.83, both inching by two per cent. This represents a moderate rate gain compared to the 9.9 per cent rate increase experienced during the 2008/2009 period.

 

With the economy in recovery mode, a stronger labour market, renewed office leasing activity and limited new parking supply, Colliers expects parking rates to continue their upward trajectory, especially toward the second half of 2011.

 

“Parking garages are one of the only commercial real estate sub-sectors that seemed to remain stable even during an economic turmoil,” says Wayne Duong, Director of Research with Colliers International in Canada. “As the economic environment continues to improve both in terms of business activity and consumer confidence, Colliers anticipates these will create upwards pressure on monthly and daily parking rates respectively. Additionally, the limited supply of only ten new parking garages with 1,800 spots added over the next 24 months will contribute to the expected rate increases.”

 

Of the 12 major cities surveyed this year across Canada, Calgary maintained its top rank as the most expensive city to park with a median unreserved monthly parking price tag hitting $453.38. The city was also the only one that made it into the global list of the priciest cities to park, ranking 14th. Toronto ($336.25), Montreal ($280.62), Edmonton ($275.00), and Vancouver ($266.81) round up the top five priciest Canadian cities to own an unreserved monthly parking spot.

 

    Canada Monthly Parking Rates* (CAD)

    ————————————————-

    Calgary, AB                       453.38

    ————————————————-

    Toronto, ON                       336.25

    ————————————————-

    Montreal, QC                      280.62

    ————————————————-

    Edmonton, AB                      275.00

    ————————————————-

    Vancouver, BC                     266.81

    ————————————————-

    NATIONAL AVERAGE                  224.10

    ————————————————-

    Victoria, BC                      180.00

    ————————————————-

    Regina, SK                        162.75

    ————————————————-

    Ottawa, ON                        160.00

    ————————————————-

    Halifax, NS                       158.20

    ————————————————-

    Winnipeg, MB                      152.25

    ————————————————-

    Saskatoon, SK                     147.00

    ————————————————-

    Kitchener-Waterloo, ON            116.94

    ————————————————-

    *Monthly unreserved median rates

 

However, what may seem to Canadian consumers as outrageously high parking fees can be considered a bargain when compared to parking rates in some U.S., European, Asian and even Australian cities. Globally, London, U.K. ranked as the most expensive city in the world to park, with an astronomical US$933 median price for a monthly spot. Hong Kong (US$744.72), Tokyo (US$654.00), Zurich (US$605.64) and Sydney (US$591.28) completed the group of top five most expensive cities to park. The Big Apple (midtown US$538.00, ranked 8th), Boston (US$425.00, ranked 18th) and San Francisco (US$375.00, ranked 22nd) were the three U.S. cities to enter the global top 25 priciest cities to park.

 

Data for the 2010 Parking Rate Survey was collected during the month of June 2010 and includes all relevant taxes. The data was provided by third parties, parking lot owners/operators and Colliers International. Survey data includes only covered or underground parking lots in prime central business districts.




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