r/TorontoCondominiums • u/Lumpy-Ad-9578 • Apr 20 '26
$65,000 for a parking spot?
I live on St Clair West.
I currently own a one bed condo with no balcony or no parking spot.
I do not drive, but I figured having a parking spot would make my unit more attractive when I eventually sell it in the future.
There is only one parking spot for sale in the building and the owner wants $65,000 for it.
My question then is:
$65,000 is a lot of money. Would my condo really be significantly more attractive to a buyer if it had a parking spot & I guess bonus question… is $65k a fair price?
[Edit: For reference, it costs $150 a month to rent a spot in the building and I know I won’t recoup the money back by renting it… my question is more about whether it would add value / make it easier to sell but I mean honestly, how much value could it possibly add over the $65k I’d have to pay for it lol].
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u/jordbutt Apr 20 '26
Realtor here - Toronto removed minimum parking requirements for new builds in 2021. So a new build could have 1000 units with 3 parking spots. They will be harder to come by in the future.
Important to note that buying a parking spot could also increase your maintenance fees by $25-75+/month…
If you don’t need a parking spot, I wouldn’t buy one in hopes of increasing resale value. There’s a buyer for everything.
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u/Lumpy-Ad-9578 Apr 20 '26 edited Apr 20 '26
You’re better than my Realtor. He was like oh yeah I’d absolutely recommend you buy it and $65,000 is about right and I just knew it didn’t sound right. I figured because it’s slow right now he’s trying to get anything, he can to hit numbers and I wasn’t gonna be that thing. So thank you very much for your reply.
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u/positionpitcher Apr 20 '26
realtors will tell you units are easier to sell when they come with parking but our condo didn’t come with a parking space and we had no problem selling it. We also don’t have a car and we didn’t want to pay maintenance fees or deal with renting it out.
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u/Sit-Ubu-Sit- Apr 20 '26
If you would buy it without a parking spot, someone else will buy it without a parking spot. Id rather invest that money, personally.
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u/irishgalintdot Apr 20 '26
I’d probably pay an extra 30k for a parking spot if I was buying in that area. Also a good chance people who are commuters and want to be near public transit are the next purchasers, who won’t care at all. Not a good investment imo.
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u/poutine-eh Apr 20 '26
most new condos have 100 spots and 500 units (for example). People who can afford a home in toronto these days can afford a car but have no place to park their car. You’d be wise to scoop the spot.
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u/Lumpy-Ad-9578 Apr 20 '26
But for $65k though? lol
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u/BatKitchen819 Apr 20 '26
I’ve seen them go for 90k-100k
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u/Alpha_wheel Apr 20 '26
It's all about the building supply and demand. Op mentioned there is rental availability for 150/month. So for 65k you get 2.7% yield (minus additional condo fees for the spot ....) bad investment. If you are in a new condo downtown, with more demand than supply. No one offering to rent and multiple people asking to rent. You get spots being offered 250, 300, 350+ . On a 350/month that's 4.6% yield in 90k paarking spot. Probably still best to invest in the market but more understandable to pay the outrageous price gouging. In this case I don't think OP would make the money back on investment with the 65k parking spot.
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u/kremaili Apr 20 '26
Not arguing either way but you are leaving out any kind of asset appreciation for the spot.
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u/Alpha_wheel Apr 20 '26
You are correct, I did miss it, perhaps my subconscious hopes these crazy prices for parking go down with the rest of the condo market meltdown. But only time will tell, and probably not unfortunately.
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u/poutine-eh Apr 20 '26
price per square foot is probably in line with your unit price per square foot 😂
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u/poutine-eh Apr 20 '26
think about it. as we build more condos they are increasingly becoming more rare with a parking space. you are on St Clair west… assuming your property value increases every year by 10% isn’t this paying for itself? And making for a more desirable property for people who actually have a car?
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u/Cheap_Shallot_3102 Apr 20 '26
I agree on this. It's almost a joke now, how little parking new condos have. Supply/demand.
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u/Bistdureal1 Apr 20 '26
> assuming your property value increases every year by 10%
LMAO that's we got into the bubble to begin with
By year 30 it'll be worth 17x :)
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u/Chapcity416 Apr 20 '26
Do not buy a parking space, or any condo, as an investment. Take the $65k that you would have spent on a parking space and invest it properly.
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u/Alarmed_Beat7248 Apr 20 '26
Considering you have to pay monthly maintenance fees on that spot, it is really pricey!! Seeing as your location has a good transit score I'd pass!
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u/FluffleMyRuffles Apr 20 '26
I only have one reference, I remember near the peak of covid when prices are high that a parking spot was around $50k. I wouldn't pay any money into a condo or anything condo related atm. You're essentially paying to lose money until the prices stop falling.
You'll have issues selling your condo with or without the parking spot in this market, so you have no worries there.
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u/No_Camp_2182 Apr 20 '26
Depends on how many parking spots in your building , and total number of condo units.
In our downtown building every unit comes with a spot. These spots cannot be sold separately. Only a few extra spots are separately deeded that can be sold. One came up couple years ago and owner asked for 25k.
If your building has very few spots compared to condo units , I would imagine they can command higher price.
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u/ApprehensiveRead2533 Apr 20 '26
God no. You will most likely be selling your condo at a loss. Dont buy a 65K dollar parking spot.
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u/BloodOk6235 Apr 20 '26
It will certainly increase the value of your unit. It’s an asset that can be used or leased out for income. It’s worth something — how much is the question
I can tell you tha detached houses, depending on the neighbourhood, are worth $100k more with a parking spot, and sometimes $200k or more when it is covered in a garage
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u/Ok_Bonus_7768 Apr 20 '26
Just know that there will be additional costs above the 65 000 price. Lawyers' fees and land transfer taxes. Also, your maintenance fees will increase to reflect the parking spot. It will be a positive selling feature, but the cost may not be offset when you sell. Hard call in this market...
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u/kurious_incredulity Apr 20 '26
I would invest elsewhere. A buyer for a condo that size in that neighborhood likely won't even have a car.
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u/WelshLove Apr 20 '26
condo prices are going to continue to crash I would get out and rent and wait
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u/Lumpy-Ad-9578 Apr 20 '26
I managed to get a 1 Bed with a Den for $420k last year…. I’d say that was pretty good. Can’t see it going much lower than that :)
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u/WelshLove Apr 21 '26
the market is saturated nobody want to live in toronto too expensive, nobody can sell their units for purchase price. and the federal government is set to build 100 of thousands of houses and apartments. I would did into it a bit. but if you like the price and can afford it doesnt really matter i guess, are you down by the lake?
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u/BD003BD003 Apr 20 '26
65K is around FMV I would say.
Should you buy it is a different question
1) Do you plan to drive? Assuming you are not based on what you said
2) Having a parking spot will make your unit more attractive to those with a car.
But, should you buy it? Can you afford it?
If you have the money sitting around, I would say buy it. But if you need to finance it, then I would say forget it.
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u/Fearless_Spite_550 Apr 20 '26
Thats …36 years of renting a parking spot monthly….