But Canadian rates a bargain compared to New York, London
Darron Kloster
Times Colonist
Thursday, August 30, 2007
Victorians are digging deeper for parking this year and paying considerably more than commuters in larger cities across Canada.
According to a North American parking-rate survey by Colliers International, Victoria drivers are paying an average of $280 for monthly reserved spots, up $20 from a year ago and $55 from 2005.
The $280 price puts us in the middle among 10 major Canadian cities, above Edmonton, where drivers are paying a median $225, Ottawa ($220), Halifax ($165.15), Regina ($125) and Saskatoon, which has Canada's most affordable parking at $106 a month. The national average is $274.
Calgary topped the list with the priciest parking in Canada, with monthly reserved spots at $475, while Vancouver sits in the middle at $305 a month.
The median rate for Victoria is bookended by a high monthly reserved rate of $330 and a low of $250, according to the survey.
Victorians opting for daily parking are paying a median rate of $12, double what parkers in Saskatoon and Regina pay but cheap in comparison to the rest of Canada. In Calgary and Toronto, the daily rate is $20.
Parking rates rose only 4.4 per cent across the continent over the past year, which is surprising given the robust economy, escalating land costs and rising office occupancies. But all Canadian rates are a steal when you look south of the border.
Midtown parking in New York is the most expensive by far at $669 Cdn a month.
Champion of the low-priced parking cities is Phoenix, Ariz., where a month's parking costs a paltry $37 Cdn.
On a global scale, even New York looks affordable. Topping the charts is London, where a month of parking costs $1,272 Cdn.
Colliers expects costs to climb again next year.
The survey includes only covered or underground parking garages in what Colliers describes as "central business districts." Rate figures were collected during June and includes all taxes.
The sources include third parties, owner-operators and Colliers researchers.
© Times Colonist (Victoria) 2007
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