Don't buy a parking spot! Toronto Real Estate Clive McLean

  Рет қаралды 5,066

Clive McLean

Clive McLean

12 жыл бұрын

In the last few years prices of underground parking space in downtown Toronto has skyrocketed, with prices in the mid-level selling as much as $35,000 a spot and up to $55,000 for luxury developments. So what's the answer when asked "Do you think my condo will be herder to sell in 3-5 years if I don't have a parking space?" I still think it would be easier to sell a condo with parking, I think you'd be crazy to buy a pre-construction property over $400,000 and not take a parking spot. It's a question you have to think hard about when buying today, do you want a 1 bedroom plus parking or 1 bedroom plus den with no parking? Do you want the lower mortgage payment each month, or can you increase that mortgage loan another $35,000 or can you go without a car?

Пікірлер: 2
@landongendur
@landongendur 7 жыл бұрын
In Regina, a family member owns a downtown condo. For years the parking lot for the building (surface parking, yet gated) was on leased land, kiddy corner to city hall. It recently went up for tender & it sold for the equivalent of $60K+ per spot!! The family member didn't spend the money to buy the spot, but some condo owners did. Talk about crazy.
@CliveMcLean
@CliveMcLean 5 жыл бұрын
Most condo buildings have restrictions on selling a parking spot to someone who does not live in the building. In Toronto you can rent a spot anywhere from $150 to $250 a month in most buildings.
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