Toronto parking spot for sale for just under $50,000

It's far from the most expensive ever offered, but the average price is rising quickly

Michael Cheung is looking to sell some hot property is Toronto.

It's just a black slab that's only suitable for parking a car close to Queens Quay, and he's asking $49,900.

There is nothing fancy about the parking spot. It isn't lined with gold paint or anything like that, just two yellow lines on either side of 125 square feet of black concrete. Although the ad does list it as being close to the elevator for quick access in and out.

The Multiple Listing Service ad only has an image of the front of the building, but the National Post has an image of Michael Cheung standing in his spot.

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The spot is underground, which is good for keeping your car out of the snow and rain, but it also comes with monthly maintenance fee of just under $68. That figure alone is more than many pay for parking in other parts of the city.

Cheung purchased the spot so his daughter could have an extra spot three years ago, but it hasn't seen much traffic since she moved out.

"I really don't want to rent it out. You can see the other conditions. People litter, they leave motor oil on the ground," he told the Post.

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While $50,000 may seem like a lot, it isn't the most expensive spot offered in Canada. In June, parking at the Four Seasons in Toronto was offered for $100,000, according to a report in the Toronto Star.

"I guess you've got to put your Ferrari or Aston Martin somewhere," said developer George Wong of Magnum Project Ltd. to the paper. "And if you're in that income bracket you're willing to pay the price."

This price is completely dwarfed by the $1 million price of a spot in a new New York City condo building.

The price for an average spot in the downtown core is now around $35,000, $9,000 more than the average price of a new car in Canada.

However, the most amazing part may not be how much more a parking spot is than a car, but how much the price of a spot has increased. Only five years ago, an expensive spot would run about $25,000, meaning people who purchased spots then are getting an exceptional return on their investment.

In the downtown core, MLS lists 17 spots for sale with most between $20,000 and $30,000. In fact, there is one offered close to Cheung's spot for just more than $14,000.

Cheung hopes to eventually sell the spot for about $45,000, but hasn't received any offers yet.

(MLS photo)