I always though parking in Toronto was too costly – of which I was right. But I just found out it isn’t nearly as bad as Calgary – Canada’s most costly parking city. Canada’s parking market is on fire.
A new study by real estate services company Colliers International says daily rates rost 7.4% across he country over the past year to $14.22. The national median monthly rate was up 8.1%, to $205.70. Here are the Top 5:
1) Calgary — $350.00 per month
2) Toronto — $302.00 per month
3) Montreal — $262.00 per month
4) Vancouver — $209.00 per month
5) Ottawa — $195.00 per month
These rising rates are a factor for many companies considering moving to the suburbs. There is just no shortage of demand, especially in the downtown core. Parking costs also continue to have a significant effect on a tenant’s decision-making process as well. I guess tenants need to deal with high parking rates, if deciding to locate near downtown.
Regina and Saskatoon were among those cities with the lowest costs of parking (at about $125). But those smaller cities are going to catch up to the market later this year, as Colliers expects parking rates to continue to climb nationally.
P.S.: Before judging Canada’s rates, it’s only fair to look at the rest of the world, where Canada ranks lowly – in London, an unreserved spot in the city core is $1,198 USD (the most expensive parking in the world!)
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