Toronto condo parking: A pricey amenity that can add 6 figures to a home

In Toronto’s competitive real estate market, having a parking space with a condominium can significantly increase the property’s value — sometimes by as much as six figures. A recent analysis by Wahi sheds light on just how much this coveted amenity can cost, depending on location in the city.

The study looked at the median price differences between one-bedroom condominiums with and without parking across Toronto’s six former pre-amalgamation cities: East York, Etobicoke, North York, Scarborough, Toronto and York.

And the findings were clear — units with parking not only sold faster but also demanded significantly higher prices (this varied by location, but as much as $100,000 or more).

“It isn’t a secret that parking in Toronto isn’t cheap,” says Wahi CEO Benjy Katchen. “However, Wahi’s latest analysis gives condominium buyers a better idea of just how much more they may have to spend — or how much they can save — depending on whether or not they need parking,” Katchen continues.

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-market for one-bedroom units with and without parking.

Results showed that condominiums without parking generally took longer to sell, particularly in areas outside Toronto’s core, where public transit and cycling infrastructure are less robust. Units with parking in more central areas like East York and Old Toronto sold an average of three days faster than units without parking.

Scarborough had the most pronounced difference in selling times. One-bedroom condominiums with parking sold in an average of 25 days, while those without parking took 41 days. This suggests that in parts of the city where cars are more necessary, demand for parking is stronger.

When it comes to price, East York showed the largest disparity. The median price of a one-bedroom condominium with parking was $532,000, compared to $410,000 for a similar unit without parking — a difference of $122,000.

Toronto neighbourhoods with the priciest parking

Affluent, centrally-located neighbourhoods like Yorkville, known for its high property values, unsurprisingly topped the list of where parking adds the most to a unit’s price. In these areas, condominiums with parking sold for at least $98,000 more than those without.

The analysis highlights the substantial impact that a parking space can have on condominium prices in Toronto, especially in high-demand areas. Whether you’re helping buyers or sellers, understanding these dynamics can help you navigate the city’s real estate market more effectively.