On Toronto’s Mink Mile, the high fashion-huddled stretch of Bloor Street between Avenue Road and Yonge Street, ritzy retail space leases for around $310 USD per square foot, on average.
Earlier this month, a P1 parking spot in Vancouver’s Yaletown listed for the same. At $45,000 for the title, maintenance fee and taxes on the 145-square-foot parking space, on paper, the cost looks absurd.
But in a city where spots regularly sell for anywhere from $20,000 to $120,000 – if you want a space with two stalls and a gate – paying $45,000 for a parking space is hardly worth the buzz.
To put it in perspective, four years ago a parking spot at the Four Seasons in Toronto’s Yorkville (unsurprisingly also on the Mink Mile) went for $100,000. At the time the average price for condo parking spots in Toronto hovered between $25,000 and $40,000.
Last year, it was Calgary, with a survey of surface and underground parking lots in the city’s core by commercial real estate firm Cushman and Wakefield,Read More »from $45K parking space a relative bargain in Canada’s competitive parking market