Parking Spaces Cost MORE than Cars

August 2017

Purchasing a new car can cost $30,000. Owning a parking space in a Toronto condo building may add $40,000 to the purchase price of a condo.

Perhaps this explains why demand for parking spaces is on the decline. Newer condo buildings, if they offer parking, now offer less than one parking space per suite. The assumption that not all suites require parking spaces is becoming more valid each year.

Cars are not going to disappear in the foreseeable future although how they are being used will change.

Fewer now choose to own their own vehicle. Multi-vehicle families are downsizing. Preference seems to be moving toward a combination of car sharing or vehicle rental services, taxis, bicycles, electric bicycles and electric scooters.