A designated parking space in a condominium building that may be owned as a separate unit (with its own title) or assigned as an exclusive-use common element. Owned parking units can be bought and sold independently of the condo unit, while exclusive-use spaces are tied to the unit and included in the purchase. In the GTA, parking availability and type significantly affect a condo's value.
Why It Matters
In many GTA condos, parking is sold separately and can add $50,000 to $100,000+ to your purchase price. Whether parking is owned or common-element affects your resale options. If you don't need a car, skipping parking can save you money. If you do, make sure it's included in your offer.
Real-World Example
You are buying a condo near Union Station for $650,000 and the listing includes a titled parking spot valued at $75,000. A neighbour in the same building is selling an identical unit without parking for $585,000. You do not own a car and work from home. Skipping the parking unit saves you $65,000 on the purchase and avoids the additional property tax and maintenance fees associated with the parking title. If you later need parking, you can try to buy or rent a spot from another owner. Conversely, if you plan to rent the unit out, having parking included can command $150 to $250 per month in additional rent.
Ontario & GTA Context
In Ontario, condo parking can be structured as a separate titled unit or as an exclusive-use common element. A titled parking unit has its own deed and can be bought, sold, or rented independently. Exclusive-use parking is tied to the residential unit and cannot be separated. The distinction is defined in the condo declaration. When parking is a separate titled unit, it attracts its own share of property taxes and maintenance fees -- something many first-time buyers overlook.
How It Works in Practice
Before making an offer on a GTA condo, confirm whether parking is included and whether it is titled or exclusive-use. If parking is a separate title, verify the additional monthly costs. In transit-rich areas like downtown Toronto, many buyers skip parking to reduce costs, but having parking significantly improves resale appeal.
Common Questions
Can I sell my condo parking spot separately in Ontario?▾
How much does a condo parking spot cost in Toronto?▾
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