Some Toronto parking spots are on sale for more than $100,000. Are they worth it?

Neighbourhood: Yorkville

X-factor: At first glance, a property listed at this price point might feel like finding a needle in a haystack; but it's not a home for sale here — just a few square feet of space for a car.

At the luxurious 1 Yorkville Ave. condo building, a parking spot near Yonge and Bloor streets is on offer for nearly a grand and a half.

Sure, this kind of money could make your home ownership dreams come true elsewhere like in parts of Alberta or the U.S., and though in Toronto, it won't get a roof over your head, the listing suggests parking in these buildings can be a rare, valuable find.

“Why lease a spot when you can own one,” the listing reads. “New condos in the area do not offer parking spots.”

Is that enough to warrant the price? We spoke with realtor Othneil Litchmore to find out more.

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Why is it priced this way?

It’s not just this Yorkville condo parking spot that’s listed for more than $100,000; in fact, a few parking spots in the area are listed for even more. One spot at the same address and another at a Forest Hill South building are priced at $150,000 each.

At 1 Yorkville Ave., it seems that parking space is limited.

Looking at the properties that are up for sale, Litchmore pointed out that spots  only appear to be available to the condos priced at $1.1 million or more — even though there are a number of other units in the building listed between $649,000 and $989,000.

There are also signs that those paying a premium for parking still have limitations; a two-bedroom, two-bathroom condo in the building listed for $1.5 million, for example, only comes with one parking spot.

While the market for buying parking spots is “small” and “niche,” it might be of interest to someone who can afford to buy a luxury car — or two, Litchmore said.

“A really rich person that buys a downtown condo is still going to have their car, and possibly a luxury car,” he said. “They’re not going to be as comfortable with transit and riding a bike.”

The listed cost, however, doesn’t necessarily mean the parking spaces will sell for that price.

How does the price compare to others on the market?

Only a few parking spots appear to have been sold since November across the city, however, and the prices ranged from $44,000 to $75,000.

The three parking spots listed for $140,000 and $150,0000 are the most expensive on the market currently, Litchmore said, while the cheapest is on sale for $22,000 elsewhere in the city. Out of 64 spots listed in Toronto, the average list price is $63,000 with a median of $55,000.

Throughout 2023, 33 spots were sold on the multiple listing service (MLS), Litchmore said, with an average price of $60,000 and a median price of $57,000. Litchmore noted it’s possible more parking spots were sold privately, instead of through the MLS.

The two most expensive parking spaces sold last year, however, did surpass the $100,000 mark; the spots pertained to different Yorkville condo towers, with one selling for $115,000 and the other going for $157,000.

While Toronto’s average home price in November was $1,082,179, according to the Toronto Regional Real Estate Board, the price tags on some of these Yorkville parking spots are enough to afford someone a property elsewhere in Canada.

For example, $150,000 could afford a buyer a condo or a townhouse in several Alberta towns.

In the U.S., even with the conversion (about $112,000 USD) it would be more than enough to afford a family-sized detached house in several cities across the country, like Detroit, Michigan; Cleveland, Ohio; Milwaukee, Wisconsin; and Memphis, Tennessee; to name a few.

In Toronto, the money could be a down payment for a home, Litchmore said.