Canadian parking prices shot up over past year: survey

The price of parking inmajor cities acrossCanada has gone up almost 10 per cent over the last year, with Calgary trailing only New York City when it comes to monthly rates in North America, according to a survey released Wednesday.

Global real estate services firm Colliers International found thatmedian monthly parking costs in major Canadian municipalitieshave risen 9.94 per cent since last year to $222.75. The median daily cost of parking, meanwhile, has gone up 9.89 per cent to $17.78.

The survey studied the median cost of parking in 61 metropolitan areas cross North America 12 in Canada and 49 in the United States. Itcontrasted rates in June 2009to the same month a year ago.

Calgary was the most expensive city in Canada when it comes to monthly costs the median rate is $460, where it has typically found itself in past Colliers surveys. But Toronto is the most expensive city when it comes to median daily parking rates. The median daily price there is $22.50, versus Calgary's$22.

The greatest year-over-year increase in parking rates was observed in Winnipeg, where monthly costs soared 72 per cent to reach $190.

Of the 12 Canadian regions, the lowest median parking rates were found in Kitchener-Waterloo in Ontario. The median monthly rate in the city is $100, while the daily median rate stands at $10.

U.S. costs drop

It appears to be an entirely different situation in the United States, where monthly costs fell 0.9 per centto $177.26. This is an indication of the relative stability of the Canadian economy compared to the United States, said Ian MacCulloch, vice-president of research for the Canadian branch of Colliers.

"The survey results from the U.S. show a decrease in daily and monthly averages which is probably a good indication of some of the challenges their property markets face today," MacCulloch said in a release.

The most expensive place to park in North America is New York City. Monthly median rates in both downtown ($575) and midtown ($630) are significantly higher than any Canadian municipality. Daily rates in downtown ($43) and midtown ($51) are also more expensive than those found in any Canadian cities.

But the survey noted that prices in Canada and the United States still pale in comparison to rates found on other continents. In London, the median monthly parking rate is $1171, while rates in Hong Kong ($861) andAmsterdam ($925) easily outpace all North American municipalities.