Everybody knows that parking in the City of Toronto has proven to be more of a challenge over the last couple of years. With the population of Toronto increasing dramatically each year, parking is simply becoming more of a concern for both commuters and condominium buyers.
In a city where parking lots are being purchased everyday by real estate developers to build yet another Toronto condo, acquiring a parking space and purchasing in a condo building with ample visitor parking is becoming more and more valuable.
If you are in the market to purchase a Toronto Condo, an important issue to consider is purchasing a parking spot. With parking in the city becoming more and more scarce, and with developers realizing more and more the value of parking, capitalization of this precious piece of land has begun. It is for this reason that purchasers should always attempt to purchase a Toronto condo with a parking spot as it dramatically increases the investment value of the unit when it comes time to resell it. Even if you do not own a car there are always ample opportunities to rent out your spot. Rental rates of parking spots in Toronto can vary anywhere from $100 to $200 a month. It is to the purchaser’s benefit to buy a condo that has exclusive use to a parking spot or even better a deeded parking spot as the spot can be sold if necessary.
Most Toronto condos located in high traffic areas such as the entertainment district offer visitor parking but depending on the number of spots, they have a tendency to fill up quickly especially on weekends. In terms of new condo developments in the downtown core, because of the lack of space, condo builders have already either started to totally eliminate parking for visitors or if it is offered, often there is an hourly parking fee. Some older condo buildings such as 25 The Esplanade located in the heart of the St. Lawrence Market, have devoted certain levels of the parking garage exclusively for visitors, however visitors must pay per hour. This can prove to be extremely frustrating for condo owners who have frequent visitors or those who accommodate out of town guests and family.
Some Toronto condos have an abundance of visitor parking while other condos do not which is why it’s important to ask your Realtor about it. A lot of condo buyers forget to ask this question with the assumption that all buildings have free visitor parking. If you enjoy entertaining guests in your condo, be sure to find out how many visitor spots are offered in the condo before you sign on the dotted line.