Paying More at the Parking Lot - Parking Rates in Canada Continue to Climb According to Real Estate Firm Colliers International
-- Calgary retains its stature as North America's second priciest city to park; Montreal, Toronto and Edmonton also in the Top 10 --
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TORONTO, Oct. 2, 2012 /CNW/ - Canadian drivers should not expect relief any time soon when pulling into a parking lot in major cities across the country, as parking rates continued to climb this year according to global real estate firm Colliers International's 12th Annual Parking Survey released today. The average median rate for a monthly unreserved parking spot grew by 2.7 per cent over the past year, now at $241.72, compared to $235.33 the year prior.
Calgary maintains its dubious title as Canada's priciest city to park with an average median parking rate of US$439.93, second only to New York (US$562 Midtown, US$533 Downtown) and higher than other large North American cities such as Boston (US$405) and San Francisco (US$375). However, the rate increase in Calgary this year was somewhat moderate at only two per cent, below the national average.
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 per cent, 8.3 per cent and 7.3 per cent respectively compared to 2011. On the other end, Torontonians ($316.40) and Vancouverites ($277.82) felt some relief as the average median parking rates in these cities decreased from last year by 4.8 per cent and 3.5 per cent respectively.
"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," says Ian MacCulloch, National Research Director with Colliers International in Canada. "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."
Canada Monthly Unreserved Parking Rates by City*
|CANADA NATIONAL AVERAGE||$241.72||2.7|
*Unless otherwise noted, all figures are in Canadian dollars.
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.
About the survey
Data for the 2012 Parking Rate Survey were collected during the month of June 2012 and include all relevant taxes. The data were provided by third parties, parking lot owners/operators and Colliers International. Survey data include only covered or underground parking lots in prime central business districts.
About Colliers International
Colliers International is the third largest commercial real estate services company in the world with more than 12,300 professionals operating out of more than 522 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV), (TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. In 2011, The Bloomberg International Property Awards recognized Colliers International with three awards: Best Commercial Property Consultancy, Best Commercial Property Marketing and Best Commercial Property Website in Canada. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
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