| ranked 5th highest in parking rates
Still hate the rate, especially when they changed the free parking curfew to 10pm, but we're not that bad compared to other big cities.
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Canadian drivers feel pinch of parking lot rate hikes; Calgary most expensive
Mon Jul 19, 12:58 PM
Sunny Freeman, The Canadian Press
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By Sunny Freeman, The Canadian Press
TORONTO - Canadian drivers could soon feel more of a pinch from parking lot rates, according to a survey of parking rates around the world.
The survey, commissioned by real estate firm Colliers International, found that Canadian parking rates have climbed a modest two per cent over the past year — with a median monthly rate of $224 and daily rates around $15.
But Colliers expects parking rates to continue to rise, especially toward the second half of 2011.
The real estate company said rates will continue to rise because of limited supply of new parking spaces and increased demand linked to the economic recovery.
As the labour market improves, more and more people will get jobs and need to drive to work, raising demand for parking space in the downtown business core of many cities.
As well, an expected rebound in office tower leasing and lower commercial vacancy rates will also boost demand for parking space, especially in underground parking garages.
“Parking garages are one of the only commercial real estate sub-sectors that seemed to remain stable even during an economic turmoil,” Wayne Duong, director of research with Colliers International in Canada, said in a release Monday.
“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."
Meanwhile, only 10 garages with 1,800 spots are expected to be added in Canada over the next two years, the survey found.
Calgary remains the most expensive Canadian city to park in, with rates hovering around $453 followed by Toronto ($336.25) and Montreal ($280.62). Edmonton ($275), and Vancouver ($266.81) rounded out Canada's top five priciest cities for parking.
Still, Canadian parking fees could be considered a bargain compared with some international cities.
London, England was the most expensive city in the world to park in, with a US$933 monthly price tag. Hong Kong, Tokyo, Zurich and Sydney are also among the top five priciest international cities for parking.
Data for the 2010 Parking Rate Survey was collected in June and includes covered or underground parking lots in prime central business districts.
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