October 2012
Featured in this insight: Transport & infrastructure, Financial services, Automotive, International
Market research study finds Canadians paying more to park: A new study conducted by Colliers International, a global commercial real estate services company, found that parking rates in major cities continue to climb all over Canada. Four of Canada’s cities were named in the top 10 priciest places to park in North America, with Calgary, Montreal, Toronto and Edmonton all making the cut.
The research claimed the average median rate for an unreserved spot per month has risen 2.7% since 2011. The median is currently $241.72 a month, compared to $235.33 last year.
Calgary was revealed as Canada’s priciest city to park in, the second consecutive year it has worn this crown. The average parking rate increased a mild 2%, now standing at $456.75. This value is somewhat higher than other large North American cities such as Boston and San Francisco, in fact, it is second only to the price of parking in New York City.
In addition, Montreal witnessed the largest increase in rates, a rise of 11.7% to $330.96 a month. However, the cities of Vancouver and Toronto saw their rates falling, 4.8% and 3.5% respectively.
Ian MacCulloch, natural research director with Colliers International in Canada, said, “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”.
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