Price for parking space?

[ckash16]

for some odd reason.. parking is much higher at the minto condos at yonge/eg... going for 50-55k or more...

 

[cdr108]

for some odd reason.. parking is much higher at the minto condos at yonge/eg... going for 50-55k or more...

that's just ridiculous !

 

[W. K. Lis]

Car Sharing is the future

What is happening in Toronto, and other more transit-oriented cities, is that more and more parking spaces in condos and apartments are being turned over to car sharing operations. See this link from the New York Times. Toronto is mentioned.

Car-sharing continues to gain traction in North American cities, bolstered by the rise of both non-profit and for-profit ventures. Cities themselves have gotten the hint, too, by encouraging developers to include dedicated car sharing spaces in exchange for less private parking. Toronto is the latest to realize the benefits of car sharing, specifying requirements for new multi-family construction and limiting spaces for personal autos.

 

[Funkster]

South Beach Condos at Lakeshore and Parklawn is selling parking for $20k. Would you consider renting the parking spot if the condo allows you to do so?

 

[Monaco]

What is happening in Toronto, and other more transit-oriented cities, is that more and more parking spaces in condos and apartments are being turned over to car sharing operations. See this link from the New York Times. Toronto is mentioned.

From the same article:

Kevin McLaughlin, the president of Autoshare in Toronto, said he has seen a proliferation of condo parking spaces for sale on Craig’s List in the past 18 months — a sign that high-rise dwellers are increasingly going car-free.

Assuming you don't need the cash immediately, is it better to sell or rent out a parking space in the downtown core?

For resale purposes, some buyers only look at units that come with parking. Additionally, a parking space may increase in value in the future and you can always rent out the space now. What is the going rate for a spot in the downtown core? My friend pays $150/month for a space in the Bay/College area....I think that's pretty good for the owner of the space - why would he sell it?

 

[tissot]

How much do people usually rent out their parking spots?

 

[cdr108]

How much do people usually rent out their parking spots?

i guess it depends on location, and their initial cost.

i hear spots are rented from $100 - 250 /m.

for ppl would bought at $40K, they'd be renting out at a loss for $150/m.

 

[Monaco]

i guess it depends on location, and their initial cost.

i hear spots are rented from $100 - 250 /m.

for ppl would bought at $40K, they'd be renting out at a loss for $150/m.

Good point. I didn't think about factoring in mortgage costs and fees that come with a parking space. People with older condos are in a better situation as their space was probably much cheaper and/or free as an incentive.

 

[BobBob]

Do people rent out their condo parking spaces to people who don't live in the building? How does that work? Wouldn't the renter need to have a copy of the key/fob to the building, granting them access to the rest of the building, its amenities, etc?

 

[cdr108]

Do people rent out their condo parking spaces to people who don't live in the building? How does that work? Wouldn't the renter need to have a copy of the key/fob to the building, granting them access to the rest of the building, its amenities, etc?

FWIW, an owner of a condo parking space is only permitted to rent out the space to a tenant or another owner of the condo corp.
Restrictions and limitations regarding the 'use' of the space would be outlined in the condo disclosure documents.

 

[emacs]

Assuming you don't need the cash immediately, is it better to sell or rent out a parking space in the downtown core?

a residential unit associated with a parking spot in the same building has attractive resale value. i suppose it depends on the circumstance but i would rather rent out the spot than sell it as. when it's time to sell the condo / loft include the parking spot as well.

 

[AKS]

From the same article:

Assuming you don't need the cash immediately, is it better to sell or rent out a parking space in the downtown core?

For resale purposes, some buyers only look at units that come with parking. Additionally, a parking space may increase in value in the future and you can always rent out the space now. What is the going rate for a spot in the downtown core? My friend pays $150/month for a space in the Bay/College area....I think that's pretty good for the owner of the space - why would he sell it?

If you have the cash, it would be better to buy parking. Parking spaces seem to go up in price faster than condo units. 20k used to be the price for parking at downtown in early 2000. Since then, it's almost doubled. You can rent the parking space if you don't need it. And you can sell parking and the unit separately if the buyer doesn't need parking. If you're mortgaging, then I you need to consider the interests and cost of the parking vs profit/loss of renting it out.