Want parking? It could add over $100K to a condo’s price in these Greater Toronto areas

As the the Greater Toronto Area grows, parking spaces have become valuable adding more than $100,000 or even over $200,000 to the price of a condo unit.

Parking spaces on realtor.ca in Toronto are listed for anywhere from $30,000 to $200,000. But if you want a parking space in your condo building, it usually adds to the total cost of the unit. And some neighbourhoods are more expensive than others, according to a new report from digital real estate platform Wahi.

Wahi analyzed one-bedroom condo transactions across the GTA in 2024 to see how much more buyers paid for units with parking versus those without.

In some neighbourhoods, a parking spot can add over $200,000 to the price of a one-bedroom unit, while in others, the difference is far less, the report found.

“In dense, walkable neighbourhoods, a parking space is an extremely valuable asset — both for convenience and resale value,” said Benjy Katchen, CEO of Wahi. “Buyers should be aware that in some parts of the GTA, the cost of parking can represent a significant portion of the total price.”

Riverdale tops the list of most expensive neighbourhoods for condo parking, with one-bedroom condos including parking selling for a median of $793,860 — that’s $202,360 more than similar units without parking.

Other areas where a parking spot added over $100,000 include Deer Park, Roncesvalles, The Annex and even City Centre in Mississauga.

Across these neighbourhoods, buyers typically paid between $100,000 to more than $200,000 more for a one-bedroom unit with parking compared to a similar unit without.

So where can a buyer find condo units with parking spaces at a lower price?

Typically, areas where parking is readily available such as Durham Region or much of Peel and Halton.

Bloor West Village added only about $2,500 to the price of a one-bedroom condo, the report found.

These days, however, condo buyers may find bargains out there even with the added cost of a parking spot or storage locker.

Condo prices have dropped in the GTA. In Mississauga, average prices dropped 5.8 per cent to $549,790 in April. Apartment condos are also harder to sell with some sitting on the market for over a month.

See the full report from Wahi here.

Lead photo: Luke Miller