Canada's most expensive city for parking is comparable to NYC prices
In one Canadian city, the price of parking your car is seriously eating into people’s budgets.
According to researchers at Jones Lang LaSalle, a commercial real estate investment company, Calgary is the most expensive city in Canada for monthly parking. It’s the third most expensive in North America, behind New York City, and San Francisco.
“Calgarians are forced to pay inflated costs to park in or around their work,” reads the report.
Calgary, a city of 1.4 million people, many of whom are suburban residents who commute downtown for work, is heavily car-dependent. Even though the overall living expenses are higher in other cities like Vancouver and Toronto, Calgarians are paying the most for parking.
“The average monthly reserved stall in a tenant building was $525 ending January 2023. The average monthly unreserved stall was $445,” reads the report.
“As Calgary has competitive parking rates to central business districts such as New York City and San Francisco, discussion around parking availability and price has become more common amongst downtown tenants.”
Why is parking in Calgary so expensive?
According to the report, the “premium cost of parking compared to other major markets is due to the lack of supply available for Calgarians, especially in underground parkades.”
“In 2016, there was an average of 161,613Â vehicles entering downtown daily between 6 am and 10 pm,” reads the report.
“There are 31,592 third-party parking stalls north of 11th Avenue owned by Calgary Parking Authority, Impark, and Indigo.”
You’ll pay more for parking near a highly desirable location, especially downtown. Then, once you’re downtown, prices get even higher if you’re near retailers, hotels, and the CORE Shopping Centre.
Cost of parking across Canada
The report shared a North American rate comparison based on average monthly parking costs for third-party stalls in downtown cities in Canada:
- Vancouver – $300
- Calgary – $366
- Montreal – $165
- Toronto – $347
How much are you paying for parking?
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