October 2, 2012
Calgary's parking the priciestMost expensive place in Canada, 2nd in North America
By Renato Gandia, QMI Agency
CALGARY - Parking pressures in major Canadian cities are slated to get worse as Calgary retains its dubious title of having the priciest rates across the country, says a new study.
The annual parking survey, released Tuesday by real estate firm Colliers International, said in addition to being tops in Canada, Calgary's average median monthly parking rate is still only second only to New York across North America.
The unreserved average monthly parking rate in Calgary increased by 2%, securing its spot as the highest in Canada at $456.75.
Nationally, the average median rate for a monthly unreserved parking spot grew by 2.7% over the past year, now at $241.72, compared to $235.33 the year prior.
Only parking rates in the Big Apple -- US$562 Midtown and US$533 Downtown -- were higher than Calgary, which easily surpassed other large North American metropolises such as Boston (US$405) and San Francisco (US$375).
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%, 8.3% and 7.3% respectively compared to 2011, the study shows.
Ian MacCulloch, national research director with Colliers International in Canada, said improved 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.
"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 study also showed that 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
Calgary - $456.75
Montreal - $330.96
Toronto - $316.40
Edmonton - $295
Vancouver - $277.82
Ottawa - $225
Victoria - $184.80
Regina - $182.50
Halifax - $181.60
Winnipeg - $159.86
Waterloo Region - $132.49
Calgary Parking Authority Monthly Unreserved Rates
Epcor Centre - $325.50
Civic Plaza - $325.50
City Centre - $378
Convention Centre - $378
McDougall - $388.50
Centennial - $472.50
James Short - $509.25
Average - $396.75
Median - $378
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