Unused parking spaces are a potential source of revenue for condo corporations and condo owners. An Uber-type application, JustPark, along with CraigsList and Kijiji, make it easier to lease parking spaces.
Not all parking spaces can be leased to the public without contravening municipal regulations or condo corporation documents.
Toronto by-law 569-2013 includes wording that appears to prohibit residential parking spaces from being leased separately from a residential dwelling. Renting out a private residential parking space breaks several municipal by-laws and can result in fines of $25,000 for an individual’s first offence.
Condo corporation documents may include restrictions on the use and leasing of parking spaces. In condo buildings a parking space may be owned by the corporation, allocated to a resident and prohibited from any private leasing arrangement. A condo corporation declaration or rules may include restrictions on the use of a parking space. These restrictions may limit what can be parked in a space. Leasing, when allowed, may be limited to other residents or owners of the corporation.
Residential properties, and their parking spaces, are subject to these restrictions to retain the residential intent. Commercial activities, when allowed on residential properties, tend to be limited or restricted.