Buying a condo? Maybe you should get the parking spot too...

The old saying goes buy real estate, they’re not making more of it. But what about parking? It might be just as scarce a resource.

While condominium price increases have flattened and are just keeping ahead of inflation, parking spots may turn out to be the better investment, even as more and more high-rise dwellers maintain they don’t want a spot.

The Canadian Real Estate Association and local boards don’t break down the sale of parking spots sold through the multiple listing service system or MLS. But real estate research firm Urbanation Inc. pulled out some statistics for downtown Toronto for 10 condo projects sold in the first quarter of 2007 and compared them to the first quarter of this year.

Back in 2007, the average parking spot sold for $27,500 with priciest parking digs at Trump International — The Residences — selling for $35,000 each. Flash forward eight years and the average spot is selling for $51,376 with the priciest spot being the $69,000 paid at Massey Tower on Yonge Street.

“Parking values are rising faster” than condo prices, says Shaun Hildebrand, senior vice-president at Urbanation, noting average condo prices are up about 50 per cent during the same period. “But you can’t just buy parking.”

Source: Gary Marr Financial Post

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