According to Colliers International’s 12th Annual Parking Survey, the average median rate for a monthly unreserved parking spot has gone up 2.7 per cent over the last year. In 2011, it was $235.55 USD and in 2012 it is $241.72 USD.
Canada’s priciest parking city is Calgary with an average median parking rate of $439.93 USD. In North America, this is second only to New York and is higher than Boston and San Francisco.
While Calgary held is title as the most expensive parking city in Canada, Montreal, Regina, and Edmonton saw their parking fares spike by 11.7 per cent, 8.3 per cent, and 7.3 per cent respectively.
But, there was good news for Toronto and Vancouver where parking rates decreased 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.