TORONTO – When it comes to parking prices, look on the bright side. At least you’re not in London, U.K., the world’s most expensive city where the average $933 U.S. monthly parking pass is why most people stick with the Tube.
According to the latest Colliers International annual parking rate survey, rates are climbing right across Canada (all domestic figures are in Canadian dollars), and the average monthly pass will now set you back a still comparatively cheap $224. The median daily rate has also risen to $14.83.
A modest hike compared to last year when rates spiked nearly 10 per cent, but Colliers predicts parking costs will only get worse as the economy recovers.
A stronger labour market and increased office leasing activity, combined with limited new parking, mean rates will continue to rise, most likely in the second half of 2011, the survey suggests.
"Parking garages are one of the only commercial real estate sub-sectors that seemed to remain stable even during an economic turmoil," said Colliers director of research Wayne Duong in a news release.
"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 10 new parking garages with 1,800 spots added over the next 24 months will contribute to the expected rate increases," he said.
Of 12 major Canadian cities, Calgary takes the prize once again for highest parking rates. The average monthly pass in the Alberta boomtown hit $453, according to the survey, which now ranks Calgary the 14th most expensive city in the world in which to park. It’s the only Canadian city to make the global pricey parking list.
Toronto ($336), Montreal ($281), Edmonton ($275) and Vancouver ($267) round out the top five most costly Canadian cities to own an unreserved monthly parking spot.
Parking is least expensive in Kitchener-Waterloo, where the average rate is $117, followed by Saskatoon ($147), Winnipeg ($152), Halifax ($158) and Ottawa ($160).
That said, Canadians can take some comfort. Compared with many cities around the world, parking here is actually a bargain.
Parking in Hong Kong will run you $745 U.S., while Zurich rates are about $605 U.S. for a monthly spot. New York City has the most expensive rates in all of North America – $538 U.S. a month, while parking in Sydney, Australia, will cost you about $591 U.S..
Colliers International is a real estate services company.
The data used in the survey were collected last month and include covered or underground lots in downtown business districts.
The survey can be found at http://www.newswire.ca/en/releases/archive/July2010/19/c5074.html
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