Metro Vancouver parking: Report on costs, usage [Video]

Building a parking stall in a Metro Vancouver real estate development can cost as much as $230,000, and many spots are sitting empty in buildings across the region, according to a new report.

The regional district researched what is available and how much it costs to construct as part its move to revise the regional parking strategy – coming up with findings that support the elimination of minimum parking requirements.

“The research reveals that off-street residential parking remains heavily oversupplied from a usage standpoint,” the report says.

On average, parking is oversupplied by 47 per cent in strata buildings and 35 per cent in market rental buildings. The report did not include information about the minimum price of a parking stall but noted that the cost of underground parking in particular goes up based on the conditions of a site.

“Parking costs are significant and can exceed $200,000 per stall when geotechnical challenges, …