Want to own a parking spot in your Condo?
Raymond | Thursday, April 1st, 2010 | 29 Comments »Toronto Condo Parking – Just Not Enough for Everyone
The sad truth about parking is there just isn’t enough to go around. Considering the need for visitor parking, there are more condo units than parking spaces for owners. It would not be unusual for 2+ bedroom units or units costing more than a certain amount to get priority when it comes to buying parking spaces.
$40,000 per parking space!
How much would a typical parking space cost in a Toronto condo downtown? Approximately $40,000 is the simple answer, but of course that price varies depending on the condo unit. Did you know you can sell your parking space later in the future if you no longer need it? But make sure you own the spot and not just have exclusive use of it.
The Good News
Renting a parking space in your condo can be a surprisingly affordable option. Depending on which condo you are looking at, prices can range from $100-$250/month. Keep an eye out and ask around if this is something you want to explore.
Toronto Preconstruction Condos
You’re in the market to purchase a preconstruction condo in downtown Toronto and you don’t own a car, or it’s an investment and you’re not sure if you should invest the extra $40,000 for a parking space. Does this sound like the situation you’re facing? If so, then you’re likely concerned about any negative affects not having a parking space might have when it comes time to sell your condo. There is not straight forward answer for your question as it needs to be viewed on a case-by-case basis. Where is this condo? What type of unit are you purchasing? There are times when it’s beneficial for you to have parking, as pointed out by Cassy Serrano in the comments below, and there are other times when it’s not as important. I have personally helped countless people move into downtown condos in Toronto where a parking space was not needed.
Contact me before you purchase that condo with or without the parking spot.
great information. do most condos come with a parking space?
I would also note that it is important to consider buying a parking space especially for investment purposes if you are buying on higher floors because it will defitely be beneficial when it comes to doing re-sale in the future… People who can afford to buy on higher floors will most likey want/need parking and worst case as you mentioned… renting it is always an option…
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parking for the FIVE project on 5 St. Joseph was starting at $45,000 and not even every unit could get one!!
Nice post.Thanks for sharing.
Very informative post, love the way you write and I think that the info helps.
i find that most condos uptown will usually have enough parking spaces for every unit. makes it more affordable to own since its abundantly available.
I like your articles, keep them coming.
good post
wow that’s a lot of money for parking. does it add value to the unit?
thx for sharing
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Definitely agree with what you stated.
good post, nice and short but informative.
i agree, if you don’t need to drive, save the money on parking
good read
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is parking space in the same building worth the same regardless of where it’s located?
Touched right on the topic i’ve been thinking about these last few days, thanks!
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Why wouldn’t all units come with parking?
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Emily, this really depends on where the condo is located. If it’s downtown, you’ll likely have to purchase a parking spot separately.