A survey by Real Estate firm, Colliers International found that Canadian parking rates increased over the past year a modest 2 per cent.
This survey found that Canadian Parking rates had a median monthly rate of $224 and daily rates about $15.
A limited supply of new parking spaces and increased demand as the labour market improves will lead to more people driving to work increasing the demand for parking spaces in the downtown core of many cities.
"Parking garages are one of the only commercial real estate sub-sectors that seemed to remain stable even during an economic turmoil," said Colliers International in Canada..
Only 10 garages with 1,800 spots are expected to be added in Canada over the next two years, the survey found, increasing the chance of substantial increases in downtown parking in the near future.
Top five priciest parking rates(Expensive Real Estate) across Canada:
- Calgary-$453.00
- Toronto-$336.25
- Montreal-$280.62
- Edmonton-$275.00
- Vancouver-$266.81
Canadian parking fees in comparison with say London. England with a US$933 monthly parking fee could be considered a bargain.
In Toronto parking is not only on a daily rate but the hourly rate where the maximum daily rate is reached, say in 2 hours!
We will wait for the next survey that just might include the price of a parking space in the many Toronto downtown Condos we see, many constructed on former parking lots!