It’s not easy to find in most large urban centres. Recent statistics released by ICR Commercial Real Estate prove the demand isn’t slowing down.
Though parking rates remained relatively stable in the Saskatoon downtown core, rising only three per cent over 2014, Regina wasn’t so lucky. Rates in Regina’s downtown rose by 7.4 per cent over the last year.
ICR attributes the rate increase in Saskatoon to be less about rising prices and more about previously cheaper lots simply catching up to market rates.
Saskatoon rates range from as low as $70 to as high as $300 per month on surface stalls, with an average of $150 per month. Underground stalls start at $175 per month and reach as high as $399 per month. The average underground stall downtown is $230 per month.
Hourly and daily rates were constant over last year. On average, the hourly rate is two dollars and a majority of daily lots charge a maximum of $10 per day.
Rates in Regina were similar to its neighbour to the north, with surface stalls starting around $75 per month and increasing to a maximum of $225 per month. The average is $155 per month. Underground stalls were relatively close, with the minimum rate starting at $205 per month and the maximum capping off at $300. The average was $270 per month.
Monthly rates jumped from five dollars to $20 in some downtown lots this past year. That translates to an extra $60 to $240 per year in parking for some drivers.
Daily rates in Regina stayed consistent from 2014. Hourly rates averaged out to two dollars, with most daily lots charging $10.
Saskatoon and Regina are both facing similar challenges, with demand heavily outstripping supply. Continued population growth in both communities won’t ease the situation any time soon.
The City of Saskatoon’s response to parking this year was to install dedicated bike lanes downtown. They’re just in the initial phase and the project isn’t expected to be fully functional until next summer.
It will be interesting to see if either city comes up with a long-term solution. Options could include a superior transit experience or constructing more parkades. What do you think the answer is?