On July 25, a report was presented to the Metro Vancouver Regional District (MVRD) Board on the Regional Parking Study and highlights key findings for off-street apartment parking utilization, development economics, and housing affordability. Municipal-scale data is provided to support local analysis and policy development. 

Key findings of the Regional Parking Study include: 

1. Local context matters: parking utilization varies significantly across the region; Average parking occupancy across the region ranges from 57% to 75%. 
2. Distance to transit is a predictor of parking supply and occupancy. Near SkyTrain there is an average of 1.09 parking stalls per unit with an average occupancy rate of 64%; in areas without frequent transit there is an average of 1.47 stalls per unit with an average occupancy rate of 68%. 
3. Parking supply and occupancy are influenced by housing tenure. In strata buildings, an average of 1.3 stalls per unit are provided with an average occupancy of 65%; in market rental buildings, an average of 0.77 stalls per unit are provided with an average occupancy of 67%. 
4. Visitor parking is under-utilized across all geographic contexts and tenures. 
5. Parking supply remains market driven; developers provide parking based on demand. Buildings that have very low or no parking are feasible only in high-amenity, transit-oriented areas. 
6. For non-market housing, providing less parking can result in savings that may be realized in the form of lower rents and/or more capital available for new affordable housing projects. 

An economic analysis was conducted on parking construction and its associated impacts on housing affordability. Various key findings were highlighted, including that according to the pro forma modelling, the cost to provide a single underground parking stall in the region ranges from approximately $117,400 to $137,000. 

More information can be found in the full report by Metro Vancouver staff.