While we generally deal with clients looking to buy, sell or rent out homes, we’re also licensed to help with the other types of listings that show up on the Toronto Regional Real Estate Board’s multiple listing service (MLS).  This can mean businesses for sale, vacant land and also, believe it or not, parking spaces.

When we search for parking spaces currently for sale on MLS, we see there are 128 spots for sale.  They range from $2,000 to $200,000 but the median price is about $42,000.

They are mostly in Toronto, but we have a couple up in Innisfil, three in Mississauga, one in Oakville and one out in Kitchener.  Here’s the map result of our search.

What’s a parking spot cost these days?

The lowest price option at $2,000 is in fact a bicycle parking spot in a condo building in the Mimico neighbourhood of Toronto.  Yes, owned bicycle parking spots are a thing in Toronto and yes, the going rate is apparently a couple of grand.

The highest price option of $200,000 is actually two parking spots in a condo building steps from the Rogers Centre in downtown Toronto.  If we do some complicated math, that means each is for sale for $100K, and that actually isn’t the most expensive option if you’re in the market for a parking spot.

The highest price single parking spot for sale as of today is located in a condo building in the Waterfront area of Toronto, asking $130,005.  It was originally $145,000 but it didn’t sell so they lowered the price by about $15K.  We’re not sure exactly why the extra five bucks is on the list price, but possibly it is to allow some negotiating space and still sell for $130K.  We’d share a picture of this beauty, but there is just a shot of the outside of the building, 505 Richmond Street West, so only serious buyers get to see what $130,005 buys you.

As with most parking spaces for sale, there is a caveat.  Almost all condo corporations have rules about parking spaces having to be owned by a resident of the building itself.  This means, if you own a condo unit in the building and you want to also own a parking spot, you’re good to go.  If, however, you work nearby and think buying a parking space makes sense for your commute, you’re out of luck.

How much does a parking spot add in actual value?

This is a tougher question to answer as we rarely see two identical units where one has parking and the other doesn’t.  Other factors often influence the sale price and it can be tough to get to a specific value for a parking spot.

Let’s look at our luxury parking spot to see if we can see if the list price of just over $130K is worth it.  If you are interested in this parking spot, and you live at 505 Richmond Street West, you’ll probably be aware that the median price of a unit in the building in the last year has been around $870,000.  That would mean this parking space is for sale at about 15% of the cost of purchasing an actual unit.

Only four of those twelve sales from the past year had a parking space, so let’s get a bit more granular so we’re sure we’re not being unfair.

The four properties that sold that had parking had an average price of about $1.5M, whereas the eight that sold that didn’t have parking had an average price of about $785,000.  Clearly, parking in the building typically goes with the larger, premium units.

The only smaller unit that sold in the last year that had a parking spot sold for $895,000 and a similar size unit that sold in a similar time frame – without a parking spot – went for $845,000.  That puts the current value for a parking spot in the building at about $50K, but perhaps there are other factors we’re not considering.

What could I buy instead of a parking spot?

If you’re willing to go a fair distance further than downtown Toronto, you can get more than a parking space for your $130K budget.  If Kirkland Lake, Frontenac, near Grand Bend or a bit south of Ottawa appeal, then you’ve got a few options.  As well, if you’re interested in fractional ownership, where you get to spend some time (typically between three to six weeks of the year) in a place, that same budget would get you a ton of nice options.

For the sake of fairness, let’s look at properties for sale where you get to spend a significant part of the year (at least six months), that are relatively close to the mecca of parking spaces for sale (that would be Toronto) and we’ll see what your options are for around the same price.

Head North East to Trailer Park Living in Kawartha Lakes

Option #1 is for sale at $120,000 and is a mobile home/trailer located in the Cedar Valley Trailer Park.  It’s a three bedroom, one washroom home on leased land close to Scugog River and Sturgeon Lake.  The park is only open from May to October, so the parking spot wins in the ability to use it all year round.  It would likely be hard to have a BBQ in your parking spot though, so it’s all about trade-offs.

ALL PICTURES ARE THE PROPERTY OF ROYAL LEPAGE KAWARTHA LAKES REALTY INC.

Go North to Cottage Country in Gravenhurst

Option #2 is for sale at $128,150, which means you’d have a cool $1,855 left over if you opted for it as opposed to the parking spot.  It is a detached bungalow with three bedrooms and one washroom, located on leased land in the Lantern Bay Resort.  The resort is also open just seasonally from May to October, so not a true comparison to the all year round parking spot lifestyle.

ALL PICTURES ARE THE PROPERTY OF Century 21 B.J. Roth Realty Ltd.

Head West until you hit the Nudist Resort in Hamilton

Option #3 is for sale at $109,900 and comes with the added bonus of saving on the cost of outfits, as it is located in the Ponderosa Nature Nudist Resort in the Flamborough area just NW of Hamilton.  This chalet style detached home has just one bedroom, a two piece bathroom inside and apparently an outdoor heated shower.  The chalet is all open concept with a second bunkie where the bedroom is located.  While it is on leased land like our other two options, the park appears to be open all year round.  If you’re a practicing nudist, then this place definitely beats the parking spot!

ALL PICTURES ARE THE PROPERTY OF ROYAL LEPAGE BRANT REALTY.

While there are lots of other options in this price point if you’re interested in going further afield or a more fractional ownership model, we thought you’d enjoy seeing these three options.

While we don’t tend to do much business in parking spots (or nudist resorts), we definitely have helped clients with more atypical purchases and sales over the years.  Whether it is commercial real estate, the sale of a business, the sale of land lease properties or vacant land, we’re here to help.  If you want to talk about how we can move you forward, please don’t hesitate to get in touch with us to discuss next steps.