Parking Rates Across Canada Continue to Soar Despite the Recession According to Colliers International Survey



    
    -- Calgary second only to New York in monthly North American parking
    costs --
    

    TORONTO, June 24 /CNW/ - Parking costs have increased nationwide for a
sixth consecutive year as owners and operators of parking lots resist the
economic downturn, according to results from Colliers International's annual
global parking survey released today.
    Monthly parking rates in Canada increased by $20.00, a robust 9.9 per
cent over 2008 levels. The average daily parking rate in Canada rose 9.89 per
cent over last year to $17.78 daily, with an average monthly parking rate of
$222.75, up 9.94 per cent from 2008. This is in stark contrast to south of the
border where average monthly prices fell just 0.9 per cent.
    Ian MacCulloch, Vice President of Research, Canada for Colliers
International said the Canadian results were indicative of the stability of
the Canadian economy when compared to the U.S.
    "The survey results from the U.S. show a decrease in daily and monthly
averages which is probably a good indication of some of the challenges their
property markets face today," commented MacCulloch.
    Downtown Calgary has the most expensive monthly-unreserved spaces in
Canada and is second only to New York (US$500 Downtown, US$550 Midtown) in all
of North America with a median monthly rate of US$460. Calgary is followed by
Toronto ($305), which is the second most expensive Canadian city to rent a
space by the month, with Montreal ($280), Edmonton ($275) and Vancouver ($224)
closing the top five destinations.
    All markets surveyed recorded increases in both daily and monthly parking
rates with the exception of Montreal, which recorded a 3.45 per cent reduction
in the monthly-unreserved median rate and Vancouver, which recorded a
reduction in the median daily rate of 2.86 per cent.
    The largest increase in parking rates was seen in Winnipeg which had a
whopping 72 per cent jump in the median rate for monthly car space rental.
    Nancy Searchfield, Canadian Leader of Brokerage Sustainability at
Colliers and Vice Chair of the Green Building Council of Canada, said the
continuing increase in parking costs is yet another call to action for
companies to encourage alternative employee transportation options.
    "Employee automobile commuting is often a large component of a company's
carbon footprint. With the ever-increasing awareness of environmental
degradation and the urgent need to address climate change, a key
carbon-reduction strategy for employers is to reduce parking and related
employee automobile use," commented Searchfield.
    "Promoting car pooling and public transit, including subsidizing employee
fares, and providing company car-share programs, telecommuting solutions, bike
racks, showers and change facilities are all effective ways of reducing
car-related carbon impacts, while reducing the costs of providing parking
onsite."
    Although Canadian cities such as Calgary and Toronto look very expensive,
Canadian parking prices still pale in comparison to monthly parking rates in
cities such as London (US$1,020), Tokyo (US$525), Sydney (US$588), Hong Kong
(US$748) and New York (US$550 Midtown, US$500 Downtown).

    Canadian Parking Rate Breakdown:

    
                           Daily Median Rate  Monthly Unreserved Median Rate
    Canadian Market        (CAD)              (CAD)
    Calgary, AB                       $22.00                         $460.00
    Edmonton, AB                      $14.00                         $275.00
    Halifax, NS                       $14.00                         $153.00
    Kitchener-Waterloo, ON            $10.00                         $100.00
    Montreal, QC                      $17.00                         $280.00
    Ottawa, ON                        $17.00                         $195.00
    Regina, SK                         $8.00                         $148.00
    Saskatoon, SK                      $9.00                         $158.00
    Toronto, ON                       $22.50                         $305.00
    Vancouver, BC                     $17.00                         $224.00
    Victoria, BC                      $12.00                         $185.00
    Winnipeg, MB                      $18.00                         $190.00
    NATIONAL AVERAGE                  $15.04                         $222.75
    

    Colliers' survey was conducted in June 2009 and covered a broad selection
of 61 metropolitan areas in North America - 49 in the U.S. and 12 in Canada -
as well as select cities in Europe and Asia. To access the full list of
markets surveyed visit: www.colliersnews.com. All figures Canadian dollars
unless quoted otherwise.

    About Colliers International

    Colliers Macaulay Nicolls Inc. (CMN) operating as Colliers International
is a leading global real estate services company that provides a full range of
services to real estate users, owners and investors worldwide. Colliers
operates in over 290 offices in 63 countries. Services include brokerage,
property management, hotel investment sales and consulting, corporate
services, valuation, consulting and appraisal services, mortgage banking and
research. Colliers International is a worldwide affiliation of independently
owned and operated companies. www.colliersnews.com





For further information:

For further information: Katie Gates, Gal Wilder, Cohn Wolfe, (416)
924-5700, E: katie.gates@cohnwolfe.ca or gal.wilder@cohnwolfe.ca

Organization Profile

Colliers International

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890