Toronto Ranked Second Most Expensive Parking in Canada

Update: see previous post – July 24, 2010 Calgary Monthly Parking (Highest Price in Canada)

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Toronto has now been rated the City with the 2nd most expensive parking in Canada and sixth most expensive in North America

I guess after being named the most expensive city in Canada to live in, Toronto shouldn’t be surprised that they have been found to have the second most expensive parking in Canada.

As a result of  the 11th annual Colliers International parking rate survey, which looks at costs in 61 cities across the continent, including 12 in Canada, Toronto is the 2nd most expensive in Canada.

The survey found that drivers in downtown Toronto park for an average of $332.38 a month, $23 a day and $9 an hour. Only drivers in Calgary — which ranked second in North America behind New York City — pay more in Canada for parking, shelling out an average of $472.50 per month, $25 per day and $7 per hour.

“Parking is one of the purest forms of economics you see in the real world,” said Julian Jones, senior vice-president of business development at Impark, a private parking operator. “It really is a question of supply and demand.”

The amount of underground or covered parking, the only kind included in the Colliers survey, is almost completely static in cities like Toronto, Jones said, adding pricing is the only variable.

“The one thing we can’t do is bake more bread, so to speak” he said.

Reserved Parking Sign

Toronto maintained one of the top spots despite a 1.2 per cent drop in rates over the last year. In contrast, Calgary’s parking rates rose by 4.2 per cent over the same period.

Suzanne Bedford, senior vice-president with Colliers International in Canada, called the decrease “a blip,” saying rates will most certainly climb again. Toronto will stay in the top three, she said, if not dethrone Calgary in the coming years.

Frustrated drivers can plan ahead by checking parking rates by neighbourhood at

Kitchener-Waterloo ($128.24 monthly) and Winnipeg ($152.25) are the least expensive cities in which to park. The national average is $235.76.





Ranking Canadian Cities: Cost Of Living

Out of 214 cities around the world:

59: Toronto

65: Vancouver

79: Montreal

96: Calgary

114: Ottawa

Source: Mercer Worldwide Cost of Living Survey 2011

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