Calgarians shell out an average of $453 a month for a downtown parking stall.Calgarians shell out an average of $453 a month for a downtown parking stall.

The cost of renting a monthly parking stall in downtown Calgary has reached $453.38, making it the priciest in Canada and among the most expensive in the world.

On the worldwide list of parking costs, Calgary is now ranked at number 14, the only Canadian city to make the list.

Toronto is ranked number 2 on the Canadian list, with the median monthly parking cost pegged at $336.25.

Montreal places third at $280.62.

P.O.V.:

How much do you pay for parking?

The median monthly parking rate across Canada is $224.10, while the median daily rate is $14.83.

According to Colliers, a commercial real estate firm that calculates Canadian parking costs each year, Canadian drivers are going to be squeezed even more in the future.

Monthly parking costs in 12 Canadian cities

  1. Calgary $453.38
  2. Toronto $336.25
  3. Montreal $280.62
  4. Edmonton $275.00
  5. Vancouver $266.81
  6. Victoria $180.00
  7. Regina $162.75
  8. Ottawa $160.00
  9. Halifax $158.20
  10. Winnipeg $152.25
  11. Saskatoon $147.00
  12. Kitchener-Waterloo, Ont. $116.94

National average $224.10

"Parking garages are the only commercial real estate sub-sectors that seemed to remain stable even during an economic turmoil," noted Wayne Duong, the research director for Colliers International in Canada.

Over the past year, parking rates increased by 2.2 per cent, a moderate hike compared with the 9.9 per cent jump in Canadian parking costs in the previous year's survey.

"As the economic environment continues to improve both in terms of business activity and consumer confidence, Colliers anticipates these will create upwards pressure on monthly and daily parking rates," Duong said.

Also pushing up parking rates across the country is the small number of new spaces being created.

According to the survey, only 10 new parking garages will be built in the next two years, adding about 1,800 parking spots throughout the country.

For Canadians who are aghast at the rising cost of parking, things could be worse.

The cost of parking in London, England, costs the equivalent of $983, while a monthly parking stall in New York goes for $566.

The 2010 parking rate survey was conducted in June and includes all relevant taxes. The information was provided to Colliers by parking lot owners and operators.

The rates reflect the cost of covered or underground parking in prime central business districts.