Write-up by Erica Smith and Joy Paterson
Everybody knows that parking in the City of Toronto has verified to be a lot more of a challenge over the last couple of years. With the population of Toronto growing dramatically every year, parking is just becoming more of a concern for both commuters and condominium buyers. In a city where parking lots are getting bought everyday by real estate developers to create however another Toronto condo, acquiring a parking space and purchasing in a condo developing with ample visitor parking is becoming more and more valuable.
If you are in the market place to acquire a Toronto Condo, an important problem to think about is purchasing a parking spot. With parking in the city becoming much more and far more scarce, and with developers realizing much more and much more the value of parking, capitalization of this precious piece of land has begun. It is for this reason that purchasers really should constantly attempt to acquire a Toronto condo with a parking spot as it significantly increases the investment value of the unit when it comes time to resell it. Even if you do not own a auto there are always ample opportunities to rent out your spot. Rental rates of parking spots in Toronto can vary anywhere from to a month. It is to the purchaser’s benefit to obtain a condo that has exclusive use to a parking spot or even far better a deeded parking spot as the spot can be sold if needed.
Most Toronto condos located in high visitors places such as the entertainment district provide visitor parking but depending on the quantity of spots, they have a tendency to fill up swiftly particularly on weekends. In terms of new condo developments in the downtown core, because of the lack of space, condo builders have already either began to totally eliminate parking for visitors or if it is offered, usually there is an hourly parking fee. Some older condo buildings such as 25 The Esplanade situated in the heart of the St. Lawrence Marketplace, have devoted particular levels of the parking garage exclusively for visitors, even so visitors must pay per hour. This can prove to be incredibly frustrating for condo owners who have frequent visitors or those who accommodate out of town guests and family members.
Some Toronto condos have an abundance of visitor parking whilst other condos do not which is why it