July 19, 2010

Ouch! Parking rates across Canada continue to climb, according to Colliers International’s 10th Annual Parking Rate Survey.

The median monthly parking rate reached $224.10 while the median daily rate rose to $14.83, both inching by two per cent. This represents a moderate rate gain compared to the 9.9 per cent rate increase experienced during the 2008/2009 period.

“Parking garages are one of the only commercial real estate sub-sectors that seemed to remain stable even during an economic turmoil,” says Wayne Duong, Director of Research with Colliers International in Canada. “As the economic environment continues to improve both in terms of business activity and consumer confidence, Colliers anticipates these will create upwards pressure on monthly and daily parking rates respectively. Additionally, the limited supply of only ten new parking garages with 1,800 spots added over the next 24 months will contribute to the expected rate increases.”

Check out the Top 10 Most Expensive Canadian Cities to Park in, based on average monthly parking-spot prices:

1. Calgary, AB $453.38
2. Toronto, ON $336.25
3. Montreal, QC $280.62
4. Edmonton, AB $275.00
5. Vancouver, BC $266.81
6. Victoria, BC $180.00
7. Regina, SK $162.75
8. Ottawa, ON $160.00
9. Halifax, NS $158.20
10. Winnipeg, MB $152.25

Want to learn how to park for free? Check out the video below:

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