While Calgarians enjoy some of the lowest gas prices in Canada, they have to dig deeper into their pockets when pulling into the parking lot as the city ranked the priciest place to park in Canada, according to global real estate firm Colliers International’s 11th Annual Parking Survey. Calgary’s median monthly unreserved parking rate has risen by 4.2 per cent over the past year. Now at $472.50, it is more than double the national average of $235.76. This makes Calgary the second most expensive city to park in North America, trailing only behind New York (US$541 midtown and US$533 downtown) and topping cities such as Boston (US$438) and San Francisco (US$375).
According to the Colliers survey, soaring parking costs over the past year were not limited to Canada’s oil Mecca. In eight out of the 12 major Canadian cities surveyed, drivers are paying more to park their car in the city’s core. Kitchener-Waterloo ($128.24) and Vancouver ($287.98) experienced the highest parking rate increase of 9.7 per cent and 7.9 per cent respectively. In stark contrast, drivers in Ottawa ($195) and Toronto ($332.38) saw their unreserved monthly parking fee descending by 6.6 per cent and 1.2 per cent respectively.
“The limited supply of new parking spots added to the national pool coupled with a strong economy that weathered the global recession, continue to put upward pressure on parking rates nationally,” says Suzanne Bedford, senior vice president with Colliers International in Canada. “As business activity and consumer confidence continue to improve, expectations are that parking rates in Canada will increase at an even higher pace over the short- and mid-term.”
Canada‘s Monthly Parking Rate by City*
|
Rank |
City |
Average Monthly Rate |
Year-Over-Year % Change |
|
1 |
Calgary, AB |
$472.50 |
4.2 |
|
2 |
Toronto, ON |
$332.38 |
(1.2) |
|
3 |
Montreal, QC |
$296.21 |
5.6 |
|
4 |
Vancouver, BC |
$287.98 |
7.9 |
|
5 |
Edmonton, AB |
$275.00 |
0.0 |
|
|
NATIONAL AVERAGE |
$235.76 |
2.6 |
|
6 |
Ottawa, ON |
$195.00 |
(6.6) |
|
7 |
Victoria, BC |
$184.80 |
2.7 |
|
8 |
Saskatoon, SK |
$170.00 |
1.8 |
|
9 |
Regina, SK |
$168.00 |
3.2 |
|
10 |
Halifax, NS |
$166.75 |
5.4 |
|
11 |
Winnipeg, MB |
$152.25 |
0.0 |
|
12 |
Kitchener-Waterloo, ON |
$128.24 |
9.7 |
*Unless otherwise noted, all figures are in Canadian dollars
But what may seem to Canadians as shockingly high-cost parking fees may be considered a bargain when compared to other cities around the world, particularly in Europe and Asia. London – City was the most expensive place in the world to park, with an astronomical US$1,084 median price for a monthly spot. London’s West End was close behind at US$1,014 per month, followed by Zurich at US$822. Hong Kong and Tokyo round out the global top five priciest cities list with US$744 for a monthly parking spot. This may explain why not even a single North American city made it this year to the top 10 global list.