June 2016
City planners are granting leeway to condo developers when it comes to providing parking spaces. Perhaps this is the result of increased density and vehicle ownership trends. The old requirement was one parking space per unit. The current requirement can vary but is now about 0.7 parking spaces per unit.
Building underground parking spaces can cost $35,000 to $40,000 each. Building fewer parking spaces can save a lot of money. If savings are passed along to condo buyers, the price of condos could drop in buildings with reduced or no parking.
- A Dundas St. West developer proposed stackable parking spaces for a property that did not have room for underground parking.
- At 460 Yonge Street there is a proposal to build a tower that will include 599 condo units and 156 parking spaces for the condo residents.
- At RCMI on University Avenue there are no parking spaces available. There is bicycle parking.
It is difficult to determine if these examples are a trend or a passing fad.
Developers require that 70% of units be sold prior to commencement of construction to obtain financing. If condo buildings with limited or no parking are unable to pre-sell 70% of units, these units will be discounted or the development may not proceed.
If there is sufficient demand for condos without parking, these units will sell to individuals who do not require parking with more “no parking” developments likely to follow.
