Real Estate News

Real Estate News

A Parking Spot in Hong Kong Just Sold for the Price of a Toronto House

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Just when you thought Toronto was gunning for the Priciest Metropolis on the Planet Award™, Hong Kong has shown Ontario’s capital up.

And the city didn’t even do so via a condo’s listing price, oh no!

Toronto’s property costs have been put to shame — or something that feels quite like it — because someone dropped HK$10 million on a place to park their car.

According to the South China Morning Post, a parking space in “the tiny neighbourhood of Mount Nicholson on The Peak” recently sold for more than $1.57 million CAD.

READ: Toronto Housing Market Activity Continues to Cool, But Prices Hit All-Time High

The sale reportedly sets a new record, breaking the previous — set in October 2019 at a 73-storey office tower called The Center — which went for HK$7.9million ($1.23 million CAD).

In May, developers Wharf (Holdings) and Nan Fung Group are reported to have sold 29 parking spaces in Phase II and III of the Mount Nicholson luxury project, all through a closed tender to homeowners. It was within these sales that the record-breaking parking spot was purchased.

Toronto, meanwhile, saw its own major feats in May: Resale activity in the region cooled, but prices rose to all-time record highs. Read: The goal of eventual homeownership — for many — is evermore proving itself to be a mirage.

Too bad for would-be buyers in the GTA, a Hong Kong parking spot selling for the price of a downtown detached does a whole lot of nothing about how here in Toronto, property costs keep soaring, and saving to buy a ground-level home in the city has essentially become a life-sentence.

But, the news might make your next survey of your tiny-but-pricey downtown condo that little bit more palatable.

At least you don’t have to share the living room with a car.

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