What Does Parking Cost?

Most people in Regina assume they’ll be able to park a vehicle, or two, or three, for free outside of their home. Street parking is technically 24 hours in most residential neighbourhoods away from downtown and the university. Downtown is free two hour parking on Saturdays at meters, and the UofR is free on weekends at any regular metered spot. Things are very different in some parts of Boston, apparently.

A single spot could be worth more than a quarter million dollars US. A spot of pavement accessed from a street, is more valuable than entire homes? It’s more valuable than luxury sports cars? Which parking/real estate market is off base: Regina’s, or Boston’s? Maybe both?

It’s a good thing there is a parking study underway [still unreleased as of 2015] at City Hall. [https://johnkleinregina.wordpress.com/2015/04/29/why-was-parking-study-hidden/]

Recently, Councillor O’Donnell noted that there was parking for sale for $135,000 in Amsterdam, and that’s what people have to provide for themselves if they plan to buy a car.

For $575,000 (CDN) / 2 spots = $287,500 / spot
For fun, over five years that spot is worth 287500 / (5 * 365) = $158/day
Each hour in the spot must earn $6.56 in profit if you plan to pay off the value in only five years by renting it out and have an unrealistic 0% rental vacancy rate.


About John Klein

My full time blog is at AbandonedStuff.com My personal site devoted to my Regina politics work is at JohnKlein.ca