Link parking rates more closely to demand: report
Parking costs are on the rise in most major North American cities as officials grapple with reduced revenue and the political challenges in raising taxes.
Rates across Canada are generally higher with Calgary in the priciest spot at $456 a month, according to a recent survey by Colliers International.
Of the 12 major Canadian cities surveyed, Montreal was deemed the second-most expensive city to park in with a cost of $330 a month, on average – a 12% year-over-year increase. Toronto ($316), Edmonton ($295) and Vancouver ($277) round out the top five most costly Canadian cities.
There's a stack of of variables that go into parking demand, including the price of gasoline and the availability of mass transit. But generally the biggest factor is downtown office vacancy rates. The more office workers looking for space, the greater the demand for parking.
That's why the City of Ottawa is considering shifting its parking rates based on how often spaces are used.