Hot demand and dwindling supply have parking rates increasing in Canada. Experts say that higher rates are an indicator of a healthy economy. If more people are out shopping and working the need for parking increases.
"This suggests that the slowdown in consumer spending coupled with modest job gains had a cooling effect on parking rates. However, as the economy is anticipated to improve, and only a small amount of new parking supply is slated to come on-line, an increase in demand is expected to push rates even higher over the next year," Colliers International
What city is leading Canada? Calgary with a rich $350 median monthly rate. As usual Edmonton is right behind with a $60 leap over the last year.
"Indicators of this upward trend include smaller markets, such as Victoria and Edmonton, where monthly rates have jumped $60 over those in 2006,"
So instead of getting angry that your parking rates are increasing be grateful for a strong economy which will positively affect housing prices.
Investors must be aware that parking rates are a huge factor when choosing a place to live.
"Parking costs continue to have a significant effect on a tenant's decision-making process," commented John Arnoldi, managing director of office leasing at Colliers International. "Monthly parking costs and availability contribute to the overall desirability of any given location, and in many instances can be the tipping point for a tenant — helping them select one building over another."
Edmonton's "Landlords market" means that people are willing to pay to get a place to live and park- just don't take advantage of them. In a "Renter's market" you would have to sweeten the deal and discount the parking rates or give one month free when tenants sign a 1 year lease.
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