A new report reveals the astronomical cost of creating parking stalls in Metro Vancouver, prompting discussions about the future of urban development and transportation.
The cost to create a new parking stall in Metro Vancouver can cost as much as $230,000, according to a new report. The escalating costs are often due to geotechnical challenges, like poor soil conditions and high water tables, according to a staff report to Metro Vancouver ’s regional planning committee. “In such cases, reducing the number of parking spaces can significantly lower development costs ,” wrote Mark Seinen, a senior planner for Metro’s Regional Planning and Housing Services.
The analysis is part of a wider regional parking strategy set to be released later this year. Interim findings suggest off-street residential parking remains heavily oversupplied — by an average of 47 per cent in strata buildings and 35 per cent in market rental buildings. Across Metro Vancouver, parking was found to range from 0.65 to 1.91 vehicles per dwelling unit, with demand dropping the most in rental housing near frequent or rapid transit. The latest report comes amid ongoing efforts from the B.C. government to lower the cost of housing while encouraging forms of transportation that have a lower carbon footprint. In December 2023, the province amended the Local Government Act and the Vancouver Charter to remove residential minimum parking requirements in most transit-orientated areas, such as those near SkyTrain stations. Andy Yan, director of Simon Fraser University’s City Program, said that while he is not “pro car” he would have liked the province to have made more evidence-based decision-making when it comes to who could lose out under the legislation. Building homes around transit hubs makes certain assumptions, he said, including that transit takes people to work and often to Vancouver’s downtown core. But for many residents of the region, going to work means travelling between municipalities on bus routes that are often the first ones cut as TransLink forecasts a more than $600-million budget shortfall, Yan said
PARKING TRANSPORTATION HOUSING METRO VANCOUVER DEVELOPMENT COSTS
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