How Much Does a Parking Spot Cost in Midtown Toronto?

Here's a question I ask almost every condo buyer in Midtown: do you need a parking spot?

Some people pause. Maybe they've never actually thought about it.

A parking spot just feels like something a condo comes with, like a closet or a front door.

It isn't. It's a separate purchase, and it's not cheap.

On a resale condo in Midtown, a spot adds at least $50,000 to the price. On pre-construction, they start around $85,000.

The highest I've seen recently was $210,000. For one spot.

Then there's the part people forget. Owning a parking spot also raises your maintenance fees, usually by $100 to $175 a month.

That's $1,200 to $2,100 a year, for as long as you own it. It doesn't go away.

So on a pre-construction purchase at the low end, you're paying $85,000 up front plus another $12,000 to $21,000 in fees over ten years. Add interest on the extra money you're borrowing, and you're past $100,000.

For a space you might use twice a week.

Now, if you live somewhere truly walkable, the math changes. Steps from the subway, with groceries, coffee, your gym, and dinner all within a 15-minute walk, the car starts to look optional.

Plenty of people in these neighbourhoods barely drive. When they do, car share or a rental covers it for a fraction of the cost.

That's why I always start with location. Right location, then right building, then right unit, in that order.

Choose a location where you don't need a car, and suddenly $50,000 to $100,000 frees up. That can mean a better building, a brighter unit, or just a lot more breathing room every month.

Maybe you do need the spot. Maybe you commute to Mississauga, have kids in three activities, or just really love your car.

All valid. If it's worth it to you, buy it and don't look back.

Just make it a decision, not a default.