June 2018
Parking spaces in Toronto condo buildings can sell for up to $60,000. In buildings with a shortage of parking spaces, bidding wars can occur. Yet this is a bargain compared to London, England and New York City where parking spaces can sell for over $1 million.
Newer condo buildings have fewer parking spaces than suites. Some have no parking spaces. As with parking spaces, locker space is at a premium in some condo buildings with lockers selling for up to $10,000.
When selling a condo locker or parking space there may be restrictions. Some declarations may not allow parking spaces or lockers to be sold. Others may limit the sale to suite owners in the building. One reason for restricting who can purchase lockers and parking spaces is security.
The availability of parking and lockers in a condo building is dependent on location. Buildings in the downtown area are less likely to have as much parking as suburban condominiums where there is greater dependence on owning a car and less convenient transit. Downtown residents have easier access to transit, car sharing services, bicycle rentals and dedicated bike lanes.
Even when parking and lockers are available in a new condo building, they are being sold separately.
When purchasing a condo, a parking space and car can add up to $1,000 or more per month inclusive of additional mortgage costs, vehicle financing, insurance, gas and maintenance.
