June 24, 2009

Report: Canadian urban parking rates soar

Urban parking rates in Canada are defying U.S. trends and rising, with Calgary, Alberta, the second most expensive North American city to park after New York.

The survey published in Toronto Wednesday by the real estate services company Colliers International said parking lots in Calgary are charging $450 for monthly unreserved parking spots. A downtown spot in New York costs an average of $500 per month, the release said.

The average daily parking rate in Canada rose 9.89 percent over last year to $17.78 daily, with an average monthly parking rate of $222.75, up 9.94 percent from 2008, the report said. On average, parking rates throughout the United States declined 0.9 percent, the company said.

Toronto's average monthly parking cost was $305, followed by Montreal at $280, Edmonton, Alberta, at $275 and Vancouver at $224, the release said.

However, Canadian parking prices pale in comparison to monthly parking rates in cities such as London, where a spot costs an average of $1,020 per month and Tokyo, which averages $525, Collier said.