Every year it gets harder to find parking in Toronto. It’s the most populated city in Canada. It’s even become a bigger problem than one of the U.S.’s beloved big city’s Chicago, and for good reason. Toronto offers multiculturalism and diversity, a myriad of job prospects, delicious food and many different types of housing opportunities. It’s really quite perfect for inhabitants of any age and social status.
Toronto is also known as the condo capital of North America. Its condo market is booming; on the downside, as it continues to become a more populated city, parking is become much more difficult to find. This is a major concern for Toronto condo owners. Will they be able to park in or near their residence or will they have to pay fees to park elsewhere? Some condos simply don’t guarantee parking, and it’s becoming an ever-popular concern.
With more condo projects in development every day, Toronto parking is a hot topic in the co
ndo real estate community. Parking isn’t just an issue for condo owners, but also commuters in the area. Parking as a result is becoming one of the more important factors to consider when making a condo investment decision. It’s increasingly common that condos have limited parking, even for their residents.
Due to the high volume of condos in the area and future condo projects in development, most developers have also eliminated or downsized visitor-parking options. During your search, you’ll come across condominiums with many visitor parking options, and others that don’t offer the option at all. If there is guest parking, many condos will charge visitors – most often an hourly fee. Plus, parking is on a first-come-first-serve basis. Some great examples of condo parking options can be found on CondoNow.
Before you sign a condo purchase contract, be sure to ask your real estate agent about private parking and visitor parking in your condo. For condo owners who love to entertain guests in their home, or frequently have visitors stay for extended periods of time, you need to be crystal clear on the parking situation. Don’t assume your condo will offer free visitor parking. In this day and age, most don’t, and if they do, your guests will usually have to pay for that privilege.
You may be able to find older condo buildings that still offer private parking spaces and visitor parking options; however, if you’re in the market for new condos, new developments usually leave these out. With more and more condo projects buying out parking lots to build on, finding a parking spot is a huge benefit to ownership.
So with all this being said, for new condo owners, it’s usually a smart move to purchase a parking space. If you don’t own a vehicle, you can rent out your space. You can charge $150 to $350 a month in the downtown core of Toronto for your parking space, depending on the area and demand. If you can grab a private or deeded parking space that can make the purchase an even better investment.
It’s important to know all the facts before deciding on a condo and signing. Your real estate agent is a valuable resource of information. If you’re looking for private and visitor parking options in your condo, let that be known. They can point you in the right direction, and tell you the pros and cons of each. Having all the information is imperative to making a sound investment. And remember, even if you don’t own a vehicle, purchasing or renting out a parking spot are smart options.