Having a parking space with a condominium in Toronto’s competitive real estate market can significantly increase the property’s value — sometimes by as much as six figures. A recent analysis by Wahi sheds light on the cost of this coveted amenity depending on location in the city.
The study examined the median price differences between one-bedroom condominiums with and without parking in Toronto’s six former pre-amalgamation cities: East York, Etobicoke, North York, Scarborough, Toronto, and York.
The findings were clear — units with parking not only sold faster but also commanded significantly higher prices (varying by location, up to $100,000 or more).
Wahi CEO Benjy Katchen states, “It isn’t a secret that parking in Toronto isn’t cheap. However, Wahi’s latest analysis provides condominium buyers with a better understanding of how much more they may need to spend — or save — based on their parking needs.”
Transactions for units with parking sold for over $122k more and took over 2 weeks longer than those without
The study focused on condominium sales from the first half of this year, comparing the median sale prices and days on the market for one-bedroom units with and without parking.
Results indicated that condominiums without parking generally took longer to sell, especially in areas outside Toronto’s core where public transit and cycling infrastructure are less robust. Units with parking in central areas like East York and Old Toronto sold three days faster on average than units without parking.
Scarborough showed the most significant difference in selling times. One-bedroom condominiums with parking sold in an average of 25 days, while those without parking took 41 days, suggesting stronger demand for parking in car-dependent parts of the city.
In terms of price, East York had the largest gap. The median price of a one-bedroom condominium with parking was $532,000, compared to $410,000 for a similar unit without parking — a $122,000 difference.
Toronto neighbourhoods with the priciest parking
Affluent, centrally-located neighbourhoods like Yorkville, known for its high property values, topped the list where parking significantly increased a unit’s price. Condominiums with parking in these areas sold for at least $98,000 more than those without.
This analysis emphasizes the significant impact a parking space can have on condominium prices in Toronto, especially in high-demand areas. Understanding these dynamics can help navigate the city’s real estate market more effectively for both buyers and sellers.
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