Toronto, Ontario – While Calgary drivers enjoy some of the lowest gas prices in Toronto, they pay the most when it’s time to park, according to a new global survey by Colliers International.
With a 4.2 per cent rise in average parking prices over the last year, Calgary is now the most expensive city in Canada and the second most expensive in North America. At $472.50 for its median monthly unreserved parking rate, it is double the national Canadian average of $235.76 and is second only to New York, which rates US$541 in midtown and $533 downtown. Calgary also topped Boston at $438 and San Francisco at $375.
Among the 12 major Canadian cities surveyed, the highest increases were in Kitchener-Waterloo, Ontario (up 9.7 per cent to $128.24) and Vancouver (up 7.9 per cent to $287.98). In contrast, Ottawa dropped 6.6 per cent to $195, while Toronto’s rates fell 1.2 per cent to $332.38.
“The limited supply of new parking spots added to the national pool, coupled with a strong economy that weathered the global recession, continue to put upward pressure on parking rates nationally,” said Suzanne Bedford, senior vice-president with Colliers International in Canada. “As business activity and consumer confidence continue to improve, expectations are that parking rates in Canada will increase at an even higher pace over the short- and mid-term.”
In order, the ranks of Canadian cities surveyed were:
1. Calgary – $472.50
2. Toronto – $332.38
3. Montreal – $296.21
4. Vancouver – $287.98
5. Edmonton – $275.00
6. Ottawa – $195.00
7. Victoria – $184.80
8. Saskatoon – $170.00
9. Regina – $168.00
10. Halifax – $166.75
11. Winnipeg – $152.25
12. Kitchener-Waterloo – $128.24
Worldwide, the most expensive city for parking is London, at an equivalent of US$1,084 median price for a monthly spot. It was followed by London’s West End at $1,014, Zurich at $822, and Hong Kong and Tokyo at $744. No North American cities made the top ten global list this year.