March 2024
Why would someone purchase or rent in a building without parking?
With minimum parking space requirements for high-rise residential buildings being abolished, this question is increasingly being asked by developers, buyers and renters. This dilemma confronts those who rely on an automobile for transit and choose to live in a high-rise building.
Eliminating the requirement to include parking spaces in high-rise residential communities is estimated to reduce the cost of condominiums in Toronto by $48,000 to $160,000 according to AltusGroup’s 2021 Canadian Construction Cost Guide.
One new high-rise community in the Annex has what they believe to be a solution providing an answer to this question. One of their amenities is a fleet of electric vehicles for residents to use for local day trips or longer excursions. Residents in Bianca Condos have access to two Tesla model 3’s, one Nissan Leaf, and eight e-bikes. A system is in place to provide additional vehicles should demand increase. Vehicles are reserved and accessed using an app on their smartphone.
Residents can pay-as-you-go or purchase a monthly subscription that costs about $400. There are no additional costs for vehicle maintenance, insurance or electricity.
There are many reasons to buy or rent in a community without parking spaces if there is good access to an automobile at low cost when it is needed. Access to electric vehicle rentals addresses numerous challenges. Condominium prices and rents are reduced. Carbon emissions are reduced and fewer vehicles appear on the roads. Reducing parking and vehicle requirements by half, providing convenient access to on-demand transportation and lowering housing costs can be a popular and sustainable long-term solution.
