GTA condo parking can cost more than your car

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If you’re considering buying a condo, parking should not be an afterthought

Looking to buy a one-bedroom condo in the Greater Toronto Area? Don’t forget to factor in parking — because in some neighbourhoods, it’ll cost you over $200,000 just to house your car.

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Digital real estate platform Wahi analyzed one-bedroom condo sales from 2024 with at least five transactions in neighbourhoods across the GTA and found dramatic price differences between units with and without parking. In certain areas, a single spot tacked six figures onto the sale price.

Nowhere was the difference bigger than in Riverdale, where one-bedroom condos with parking sold for a median price of $793,860 — a whopping $202,360 more than units without a spot.

Other neighbourhoods saw similarly steep premiums. In Deer Park, Roncesvalles, and The Annex, parking spots added anywhere from $149,000 to $189,000 to the sale price. Even in Core Mississauga, buyers paid an extra $130,000 to secure parking.

But that’s not the case everywhere: In some neighbourhoods the difference in price is modest, indicating that parking contributes more significantly to property value in certain areas.

In Bloor West Village, for instance, a parking spot only bumped the median price by $2,500. And in a few neighbourhoods, buyers actually paid less for condos with parking.

In Flemingdon Park and Cabbagetown, one-bedroom units with a spot sold for $37,750 and $15,000 less, respectively, than those without. These outliers likely come down to differences in finishes, building age, or amenities.

What drives these price gaps? Scarcity and demand. Parking can be more valuable in areas where condos tend to be more expensive, public transit options are limited, street parking is scarce, or demand for car ownership is higher. And when it comes to the resale market, having a parking spot often helps a unit sell faster and at a premium, especially in neighbourhoods where parking is limited.

In walkable, transit-friendly areas, some buyers — particularly first-time buyers — are willing to skip parking altogether to lower their purchase price. In areas with more accessible street parking or excellent transit, the demand for parking is lower — and so is the price.

If you’re considering buying a condo, parking should not be an afterthought as it could add six figures to the purchase price. In Riverdale, Deer Park or any of the other neighbourhoods where parking is more expensive, you’ll need to budget significantly more. But in transit-friendly spots — or if you’re fine going car-free — skipping the parking could save you thousands of dollars.

Benjy Katchen is the CEO of Wahi, a digital real estate company committed to offering insights, tools and the team that makes buying a home faster and easier. Visit www.wahi.com.