Who will be the losers?
I'll give you three guesses. If you pick the owners of tiny one-bedroom
condos with no parking spots, you picked right.
Developers claim that condo owners don't want a parking spot and they
sometimes have a hard time selling them.
I suggest that the buyers are
strapped for money and they don't have an extra $30,000 to $70,000 to
pay for a parking spot.
The city planners say that condo buyers don't need a car as they can
use public transit, call a taxi or Uber or ride a bicycle to where ever they need to go.
Well, I didn't see very many bicycles on the roads last February.
they move in
This 680 News story
tells the tale of what happens when far more people with cars move into
new condo towers that don't have anywhere near the number of parking
spots that the residents require.
So, if the condo building can't accommodate all the residents' cars,
then the residents can take advantage of the neighbourhood's street
There is 200 metres of street parking open for the residents
of three large condo buildings. The condo residents want more street
Councillor, Pam McConnell Toronto Centre-Rosedale informs us that that
is not going to happen. The area's street parking is for the people who
live in detached houses. She says condo residents have to secure a
space in their buildings and she advises them to rent or buy a
What is more, she wants city council to pass a by-law to prevent condo
owners from being able to get a permit allowing them to park at a
street parking spot.
they try to sell
Wait a couple of years and then we'll see how hard it will be
sell a concrete shoe box that has no parking. That is when we will see
how much it costs to be a participant in the war against the car.
An article printed in the Toronto Star warned:
"If you're looking to buy a condominium as an investment, or are
concerned about resale value, make sure you get that parking spot.
Lack of parking was the number one reason cited by 71% of
Toronto area buyers for not buying a particular condo, according to a
TD Bank Financial Group poll released yesterday.
"Parking can definitely be a deal breaker," says Darren Ford, an agent with Right At Home Realty.
"It's one of those things that can cause a buyer to walk away."
Lack of parking (71%) edged out lack of building security (70%), the second-ranking reason Torontonians say they would reject
a condo. Parking is less of an issue downtown, where many buyers have access to
the subway, says Jamie Johnston, a condominium specialist with ReMax.
While many downtown parking spots start at $25,000 and go up to $60,000
and above for luxury units (more than the price of some cars), parking
is not an option for many buyers.
Maintaining the parking spots
Most condos have some underground parking units.
The owners who do not own a parking unit should not have to pay a
portion of the costs to maintain and repair the parking garage, yet they will. When
the concrete starts to deteriorate, the costs runs into the millions.
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