With gas prices near record levels, it's becoming easier for Torontonians to leave their cars at home and walk to work or take the bus. But if locals need a stronger incentive, what it costs to park in the GTA may do the trick.
According to an annual survey conducted by Colliers International, a commercial real estate company, Toronto has some of the highest business district parking rates in the country. The study found that the median parking rate in Toronto is $342 per month and $23 per day, making Toronto the second most expensive city to park in in all of Canada. Outpricing Toronto is Calgary, as Colliers says the median parking rate there is $486 monthly and nearly $26 on a daily basis.
"This year's parking rate survey reflects a moderately improving economy and better office leasing fundamentals," said Ross Moore, chief economist at the commercial real estate firm. "Despite these improvements, operators are still holding the line on parking rates."
Countrywide, the source states parking rates have increased 3 percent.
If consumers are interested in saving money, they may want to grab their bikes and cycle to their various destinations. A storage unit can house their automobile in the meantime.