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July 19, 2021

Parking rates continue to climb across the country

Parking rates across Canada climbed over the past year with Calgary in the priciest spot at $453 a month, according to a recent survey by Colliers International.

Of the 12 major Canadian cities surveyed, Toronto was deemed the second-most expensive city to park in with a cost of $336 a month, on average – a $60 increase over 2009. Montreal ($281), Edmonton ($275) and Vancouver ($267) round out the top five most costly Canadian cities.

While Calgary prices are high by Canadian standards, they pale in comparison to other major centres around the world. London is the most expensive city in the world to park where the average $933 (in US dollars this time) monthly parking pass explains why the Tube continues to be so popular.

Colliers expects Canadian parking rates to continue their upward trajectory. Only 10 garages are expected to open over the next two years, opening up just 1,800 new spots across the whole country.

One of these will be a fully automated parkade in downtown Calgary. Using 40% less ground space than a traditional lot, the valet-free structure will be equivalent to a six-storey office building.

After drivers park their vehicles in a stall on street level and swipe their access cards, the robot system lifts the car into the tower, placing it into one of the 360 available parking slots. This lift should double the available parking by sliding cars closer together, maximizing space that would normally be lost because of driving lanes and structural columns.

Looking to skip the line up at the lot altogether? A new iPhone app called iSpotSwap can help you track down open parking spots and notifies others when you’re about to vacate a spot.

Here’s how it works: the iPhone’s GPS “tags” your parking spot and you key in an expected departure time. Users can search for open spots via a color-coded map from their current location by direct address rather than circle around the lot.

Other than taking your bike to work, have are you coping with the high price of parking?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...