Parking in 4 Canadian cities ranks among top 10 priciest in N.A.
Published Wednesday, October 3, 2012 1:37PM EDT
Last Updated Wednesday, October 3, 2012 5:49PM EDT
It’s not just prices at the pumps that are on the rise.
Four Canadian cities were ranked among the 10 priciest places to park in North America, according to a new survey.
The survey, conducted by commercial real estate firm Colliers International, showed that compared to 2011 the cost of parking jumped an average of 2.7 per cent in Canada to $242 a month.
Montreal residents saw the most significant spike in parking prices, with the monthly cost jumping 11.7 per cent from 2011 to $331 a month.
However, in other major Canadian cities, the cost of monthly parking dropped.
In Toronto, drivers are spending on average $316 for parking, down 4.8 per cent from 2011, while parking in Vancouver is $278 a month, down 3.5 per cent from last year.
Meanwhile, Calgary maintains its title as Canada’s priciest city to park in with an average month parking cost of $457, beating out larger North American cities including Boston (US$405) and San Francisco (US$375).
The cost to park in Calgary was second only to New York City, where a spot typically goes for US$562 midtown and US$533 downtown.
According to Colliers, the strengthening Canadian economy and limited land to build future parking spots are contributing to the continued increase in rates.
“Currently, only Calgary, Ottawa, Saskatoon, Waterloo Region and Winnipeg are expecting to add new parking spots over the next year and in limited numbers,” said Colliers National Research Director Ian MacCulloch, in a statement released Tuesday. “This shortage of new supply will continue to put upward pressure on parking rates.”
The survey also revealed that the wait list for parking spots is getting longer.
The average waiting time for a parking spot across Canada is slightly less than eight months, although motorists in Victoria, Halifax and Regina should expect a one- to two-year wait for a spot.
Here’s Colliers full list for unreserved parking rates by city:
1. Calgary-- $456.75, up 2 per cent
2. Montreal-- $330.96, up 11.7 per cent
3. Toronto-- $316.40, down 4.8 per cent
4. Edmonton-- $295.00, up 7.3 per cent
5. Vancouver-- $277.82, down 3.5 per cent
6. Ottawa-- $225.00, up 2.3 per cent
7. Victoria-- $184.80, unchanged
8. Regina-- $182.50, up 8.3 per cent
9. Halifax-- $181.60, up 4.8 per cent
10. Winnipeg-- $159.86, up 5 per cent
11. Saskatoon-- $157.50, unchanged
12. Waterloo Region-- $132.49, up 3.3 per cent