Available Parking Spots Boost Toronto Condo Prices
The Greater Toronto Area’s condo-sales slowdown has not affected buildings with available parking.
New data from Wahi, a digital real estate platform and brokerage, shows that buyers are paying up to $268,500 more for a parking spot in some Greater Toronto Area neighbourhoods.
As investors pull back, homebuyers are driving the market, prioritizing space and convenience. Condos with parking are commanding six-figure premiums in over a dozen neighbourhoods and selling up to two-and-a-half weeks faster than units without, said Wahi.
“The condo buyers who remain out there right now are generally looking for larger, more livable units with features such as parking,” says Wahi Economist Ryan McLaughlin. “As more condo projects are completed with fewer parking spots, one would expect that the law of supply and demand would drive prices up over time.”
The premiums are highest in such districts as Riverdale in Toronto’s east end, where the $268,500 increase was achieved, and emerging suburban neighbourhouds, including Pine Valley Business Park in Vaughan, Ont.
The top 13 premiums were at least $100,000, said Wahi.
Pictured: Downtown Toronto from across Lake Ontario.
Photo: Courtesy of Wahi
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