Posted 5.28.13 @ 10:35
If you’ve been to Toronto lately you know how much of a pain parking can be – but what if you live here? Parking spots are going for $60k and more, and that’s just for people who can find them. A lot of people are ending up just ditching their cars or picking them up on the weekend, but then again, you have to find somewhere to park. Here we’re going to talk a bit about the crazy parking situation across the GTA and a bit about how Oakville luxury homes for sale tend to have plenty of parking (no pressure of course!)
Downtown Parking the Worst
Right now parking in Downtown Toronto is the worst – with over 40 new condo buildings going up or that have gone up recently, few new parking spots have appeared. If you’re trying to find a new home and are hoping you get a parking spot, you might just be out of luck. People want to live downtown and parking is at a premium – but real estate is even more precious. Developers make much more money from building new condos than they do building new car parks or parking spots – so if you don’t want to ditch your car you may just have to find somewhere else to move.
People Paying $40k to $60k to Park
Right now people are snapping up spaces from other condo owners and even businesses for anywhere between $40k, $60k and up, depending on where they’re located. It’s important to really understand that when you buy a brand new condo, or even a used one, that you may not be able to get parking. And while you may be able to find sky high views and the ultimate amenity, peace and quiet, you might not be able to find a parking space for your car.
Know if You Can Sell Your Spot at Your Condo
Before you buy any condo, even if you’re buying Oakville luxury real estate, you’re going to want to know if you’ll have the ability to transfer, sell or trade your space with someone else. Sometimes the rules are very clear about being able to buy or sell your space, while other times you could end up in some seriously murky waters.
It can be a bit confusing, but before you even think about buying parking anywhere across the GTA you’re going to want to make sure that this person has the ability to sell or transfer their parking spot to you. There’s nothing worse than paying for something you can’t use.
But hey, why do that to yourself when you can have a big beautiful Oakville luxury home complete with parking all your own!? You can have your pick of condos, cottages or a large luxury home – but you’ll need a guide. We’re Oakville luxury realtors and we’re here to help you make the most of your next home purchase. Let us help you find the luxury home you’ve always wanted.