Just the other day we talked about how Toronto had more high-rises than any other city in North America and now, it takes the “most expensive” title in another category as well – parking. The price of parking in Toronto isn’t actually the highest in North America. It’s not even the highest in Canada. But according to a recent survey done by Colliers International, Toronto is the third most expensive place to park in Canada. The most expensive spot to put your vehicle in Canada is Calgary; and in fact, this city is second-costliest in North America.
As you can see from the above chart, it will cost you more to park your car in New York City than in any other city in North America. But at fewer than $100 less, Calgary isn’t far behind – and it even beats out Boston and San Diego, two cities that are much larger.
Toronto almost pales in comparison to the price of parking in Calgary, and is in fact the only city in Canada that has seen the price of parking decline over the past year. While prices in Saskatoon and Victoria haven’t gone up, unlike Toronto, they also haven’t gone down either.
But if the prices seem staggering to you now, hold on to your seats. Limited land space, not to mention the number of people moving into many of these cities each year (especially Calgary,) supply is likely not going ot be able to keep up with demand.
“Currently only Calgary, Ottawa, Saskatoon, Waterloo, and Winnipeg are expecting to add new parking spots over the next year and in limited numbers,” said colliers National Research Director Ian MacCulloch in a press release accompanying the survey findings. “This shortage of new supply will continue to put updward pressure on parking rates.”
And that demand is already very high, for sure. The survey also showed the lengthy wait times you can expect if you’re placed on a wait list for one of these spots; something that is nearly guaranteed to happen. While the average 8 months in most Canadian cities might seem high, compare it with cities such as Victoria, Halifax, and Regina, where wait times average to be anywhere from one to two years, and you may be happy to take the 8 months.
But are these costs worth it? When the price of a parking spot starts to look about as much as the payments you’re making for the car itself, one certainly has to re-evaluate. Is it really worth it to drive in these cities anymore? And could the increased costs be a positive thing, as they encourage people more people to car pool and/or take public transit, thereby benefiting the environment? What do you think about the rising costs? Should the government step in and do something to help drive down the cost of driving?
