Toronto’s sky-high real estate costs aren’t limited to houses and condos, as the city’s parking spots are pricier than ever.
A parking space in prime downtown real estate at 197 Yonge is currently listed for $120,000. Plus $211 monthly in maintenance fees. Yes, you read that correctly.
The underground parking space is located in the newly built Massey Tower, which sits on the Church-Yonge corridor, off Yonge, between Shuter and Victoria streets.
While expensive, the parking spot isn't the priciest that the city has seen; in 2020, a parking spot at the Ritz-Carlton sold for $122,900. At a time when the city's dwindling parking lots are turning into parks and public spaces, we can only assume we'll see more parking spaces for sale with three-digit price tags.
And, likely, they'll be located in the bottom of freshly-built buildings, as Toronto increasingly moves away from prioritizing the car on city streets and street-level parking disappears even further.
While the prime parking spot may come with a stunningly high cost, it’s a bargain compared to pricy parking spots in Hong Kong. Back in June, a parking spot in Hong Kong sold for the price of a Toronto house at $1.57 million CAD.