The first new condo tower in Toronto not to offer parking facilities is on University Avenue. This 42 floor building will have nine parking spots reserved for a car-share program. Special approval from City Council was required to build this tower without parking.
Many who purchase a condo don’t want or need a car. A car-share program for periodic vehicle use is more economical than purchasing a condo with a parking space, paying maintenance fees for maintaining a multi-level underground garage plus owning and maintaining a car.
Toronto bylaws currently require that condo buildings include 0.6 parking spots per unit but there is pressure to eliminate this requirement.
To facilitate condo towers without parking facilities, Vancouver will zone for parking-free condo towers. These condo towers would be targeted to young professionals who choose to live car-free. This would allow minimum parking stall requirements as was done for the above mentioned condo tower in Toronto.
Condos without parking facilities would cost less to build – about $40,000 less according to UBC’s Centre for Urban Economics and Real Estate.
The Vancouver plan provides guidance to eliminate parking requirements in downtown areas or near rapid transit stations.