Parking Spots for Condos in Ontario: What You Need to Know
Dec 10, 2024
Written by
Written by
Brianna Harrison (Credit Card & Travel Writer)
Brianna Harrison (Credit Card & Travel Writer)
Table of contents
Title
Title
Title
Looking to secure a parking spot in your Ontario condo? Whether you’re buying, renting, or just curious about your options, condo parking spots come with different rules and potential fees.
Each property has its own rules about parking spots, but in this article, we’ll dive into the different types of parking spaces, how to buy or rent one, how much it costs, and more.
Do Condos Come with Parking Spots?
Amenities such as condo parking spots and storage lockers are often bought and sold on their own; they are not commonly included when you buy or rent a condo. Sometimes, they are, but it all depends on the building and management company.
There are three main ways condo parking spots may be managed:
Common element parking spots: These spots belong to the condo board, not the unit owner. These are usually available on a first-come, first-served basis and cannot be rented out to others.
Exclusive use parking spots: These parking spots are part of the common elements but are designated for one specific condo unit. As a resident, you don’t own the spot, but it is for your long-term use. You can also rent it out to other residents.
Resident-owned parking spots: These spots are owned by you, the resident, and are typically purchased separately from the condo unit. You can sell the spot or rent it out to another resident.
How to Buy a Parking Spot
Buying a parking spot will largely depend on your condo’s management and the process they’ll need you to follow. However, it usually looks like this:
1. Check availability: Ask the condo management or board if parking spots are for sale in your building. If you don’t own a condo unit in the building, confirm that you are allowed to buy a parking spot.
2. Find out the type of parking spot: It will either be a deeded spot (which has its own title, meaning you’ll own it outright and can sell or lease it) or an exclusive use spot (which belongs to the condo board but is yours).
3. Hire a real estate lawyer: You’ll need a lawyer to handle the transaction for a deeded spot, but for exclusive use spots, you’ll just need the condo management to approve the transfer and update records.
4. Pay for the spot and additional fees: Parking spot prices vary by location. It can cost anywhere between a few thousand to tens of thousands of dollars in high-demand areas. Be prepared for additional fees, like legal and condo fees.
5. Finalize the purchase: The condo board will update their records for an exclusive use spot. Your lawyer will register the spot in your name for a deeded spot.
How to Find a Parking Space for Rent
You can rent a parking spot from another resident or the condo board. Here’s what the process for each looks like:
Renting from the condo board:
1. Inquire with management: Sometimes, the building management owns a few extra spots, which they rent out to residents as needed. Contact the condo board or management to find out if they have any.
2. Get on a waitlist: If no spots are available but are in high demand, you may need to be placed on a waitlist.
3. Get the spot and pay monthly: Some condos have monthly leases, while others have yearly or longer-term leases. Pay the rental rate (set by the board) each month.
Renting from another resident:
1. Find available spots: Check websites like Kijiji or Facebook Marketplace, your online condo group, or even bulletin boards in the common areas for notices of available parking spaces.
2. Sign a lease agreement: Formalize the arrangement with a simple lease agreement that specifies the rental rate, duration, and terms.
3. Get approval: Check with your condo board or management that leasing parking spaces between residents is permitted, and they will note the rental agreement.
4. Pay monthly: Pay a monthly rental fee to the resident.
You can also check out a few apps that show parking spaces available for rent by tenants who aren’t using them:
How Much Do Parking Spots Cost?
To buy a parking spot, prices can range from a few thousand dollars to tens of thousands in high-demand areas like downtown Toronto.
According to Condos.ca, pre-construction condo parking spots in Toronto can cost anywhere from $10k to $150k, depending on the building and location.
To rent a parking spot, you’ll be looking at about $50 to $300, again depending on the location.
Sometimes, renting a parking space can be cheaper and more worth it than buying it outright. Owning a spot usually comes with a monthly fee, and you’ll end up paying more for your condo unit if it includes parking.
Can You Put Your Parking Lot Space for Rent?
Most new condo buildings in Ontario allow you to rent or sell your parking space, but only to other residents. Each condo has different rules and regulations, so check with your condo board before putting the space up for sale or rent.
Parking spots can only be sold or rented out to other residents mainly for security reasons, as you often use the same key fob to access the shared amenities in the building (pool, exercise room, etc.). Strangers who don’t live in your building would not be allowed to enjoy these amenities while accessing their parking space.
Parking Spot Rules and Regulations in Ontario
Each condo building has its own rules for you to follow when you buy or rent the property. There are always restrictions on how parking spaces are managed, but it largely depends on the rules set by the property manager.
Here are some common rules for parking spots in Ontario:
You cannot rent or sell your parking spot to non-residents
Parking rentals are kept on record by building management
A parking spot rental can be terminated if somebody buys your condo unit (e.g. a resident who owns another unit may no longer be allowed to use the parking space as it will be transferred to the new owner)
There may be maintenance fees for your parking spot
There may also be rules and regulations on where vehicles can be parked, if guests can use the spot, and limiting the parking space to one vehicle only. If the building management is strict, they can also prevent you from washing, cleaning, or repairing your car in the spot.
Tenant Parking Rights in Ontario
If you are renting a condo in Ontario, your parking rights are much the same as the general tenant rights in the province. Under the Ontario Human Rights Code and the Residential Tenancies Act, landlords must:
Not discriminate against you or deny a parking spot based on your race, religion, sex, disability, family status, etc.
Provide you with a parking spot that complies with accessibility standards if you require it.
Reduce your rent accordingly; if you had parking, then it was taken away.
While these rights are generally applicable, the specifics can vary depending on your local area and lease agreement. You can contact the Landlord and Tenant Board if your rights are violated.
How to Find Parking in Toronto
If you’re not looking for a long-term parking space to rent but rather a spot for a few hours or a day, here are a few startups and mobile apps that make finding parking in Toronto a lot easier (as we all know it’s a nightmare!):
1. Green P Parking
One of the most well-known apps for parking in Toronto, Green P is the official app of the Toronto Parking Authority. You can find and pay for parking at on-street and off-street locations across the city. You can pay with your credit card, Apple or Google Pay, and get notified when your parking session is about to expire.
2. SpotHero
With SpotHero, you can find, compare, and book parking spots in advance at various garages and lots throughout Toronto. With an integration with Google Maps, this app offers discounted rates and easy reservation management.
3. ParkWhiz
With ParkWhiz, you can book hourly and monthly parking spaces in Toronto. Compare prices, read reviews, and reserve spots ahead of time.
4. ParkMe
ParkMe allows you to see real-time availability and pricing for all the spots available in the city. You can find the cheapest and closest parking options and reserve spots where applicable.
5. SpotAngels
SpotAngels shows the top-recommended hourly and monthly parking spots in the city. It includes information on parking rules, garage deals, and street parking availability.
Is a Condo Parking Spot Worth It?
You should consider a few factors when deciding to buy or rent a parking spot:
If you…have a car and use it often, a parking spot can be worth it, especially in the winter months. Most condos have underground parking, which can protect your car from the snow and freezing cold.
If you…don’t need a car and walk or use public transportation to get around, you likely don’t need a parking spot.
If you…are buying the condo and plan to rent it out, you may want to forego buying a parking space, especially if the condo is in a big city like Toronto. However, a parking spot can also be a highly sought-after amenity for many renters.
If you rent a condo in Ontario or any other province in Canada, you should be earning rewards on your rent payments. With Chexy, you can pay your rent with a credit card and earn points, cashback, or miles, along with building your credit.
Subscribe to our newsletter below for up-to-date credit card, travel, and rental content.
FAQs
Can I keep items other than a vehicle in my parking spot?
Generally, you can only keep a car, motorcycle, or other vehicle in your condo parking spot. It is a fire code violation, and your building may be fined during the annual inspection. However, it varies depending on your condo, so ask your building manager/landlord.
How much does a condo parking spot cost in Toronto?
On average, a parking spot in Toronto costs about $150 monthly to rent or about $30k to purchase outright. However, this depends on who you rent from and the condo building.
How many accessible parking spaces are required in Ontario?
Under the Ontario Building Code (OBC) rules, there must be a minimum of one accessible parking space for every 100.
Looking to secure a parking spot in your Ontario condo? Whether you’re buying, renting, or just curious about your options, condo parking spots come with different rules and potential fees.
Each property has its own rules about parking spots, but in this article, we’ll dive into the different types of parking spaces, how to buy or rent one, how much it costs, and more.
Do Condos Come with Parking Spots?
Amenities such as condo parking spots and storage lockers are often bought and sold on their own; they are not commonly included when you buy or rent a condo. Sometimes, they are, but it all depends on the building and management company.
There are three main ways condo parking spots may be managed:
Common element parking spots: These spots belong to the condo board, not the unit owner. These are usually available on a first-come, first-served basis and cannot be rented out to others.
Exclusive use parking spots: These parking spots are part of the common elements but are designated for one specific condo unit. As a resident, you don’t own the spot, but it is for your long-term use. You can also rent it out to other residents.
Resident-owned parking spots: These spots are owned by you, the resident, and are typically purchased separately from the condo unit. You can sell the spot or rent it out to another resident.
How to Buy a Parking Spot
Buying a parking spot will largely depend on your condo’s management and the process they’ll need you to follow. However, it usually looks like this:
1. Check availability: Ask the condo management or board if parking spots are for sale in your building. If you don’t own a condo unit in the building, confirm that you are allowed to buy a parking spot.
2. Find out the type of parking spot: It will either be a deeded spot (which has its own title, meaning you’ll own it outright and can sell or lease it) or an exclusive use spot (which belongs to the condo board but is yours).
3. Hire a real estate lawyer: You’ll need a lawyer to handle the transaction for a deeded spot, but for exclusive use spots, you’ll just need the condo management to approve the transfer and update records.
4. Pay for the spot and additional fees: Parking spot prices vary by location. It can cost anywhere between a few thousand to tens of thousands of dollars in high-demand areas. Be prepared for additional fees, like legal and condo fees.
5. Finalize the purchase: The condo board will update their records for an exclusive use spot. Your lawyer will register the spot in your name for a deeded spot.
How to Find a Parking Space for Rent
You can rent a parking spot from another resident or the condo board. Here’s what the process for each looks like:
Renting from the condo board:
1. Inquire with management: Sometimes, the building management owns a few extra spots, which they rent out to residents as needed. Contact the condo board or management to find out if they have any.
2. Get on a waitlist: If no spots are available but are in high demand, you may need to be placed on a waitlist.
3. Get the spot and pay monthly: Some condos have monthly leases, while others have yearly or longer-term leases. Pay the rental rate (set by the board) each month.
Renting from another resident:
1. Find available spots: Check websites like Kijiji or Facebook Marketplace, your online condo group, or even bulletin boards in the common areas for notices of available parking spaces.
2. Sign a lease agreement: Formalize the arrangement with a simple lease agreement that specifies the rental rate, duration, and terms.
3. Get approval: Check with your condo board or management that leasing parking spaces between residents is permitted, and they will note the rental agreement.
4. Pay monthly: Pay a monthly rental fee to the resident.
You can also check out a few apps that show parking spaces available for rent by tenants who aren’t using them:
How Much Do Parking Spots Cost?
To buy a parking spot, prices can range from a few thousand dollars to tens of thousands in high-demand areas like downtown Toronto.
According to Condos.ca, pre-construction condo parking spots in Toronto can cost anywhere from $10k to $150k, depending on the building and location.
To rent a parking spot, you’ll be looking at about $50 to $300, again depending on the location.
Sometimes, renting a parking space can be cheaper and more worth it than buying it outright. Owning a spot usually comes with a monthly fee, and you’ll end up paying more for your condo unit if it includes parking.
Can You Put Your Parking Lot Space for Rent?
Most new condo buildings in Ontario allow you to rent or sell your parking space, but only to other residents. Each condo has different rules and regulations, so check with your condo board before putting the space up for sale or rent.
Parking spots can only be sold or rented out to other residents mainly for security reasons, as you often use the same key fob to access the shared amenities in the building (pool, exercise room, etc.). Strangers who don’t live in your building would not be allowed to enjoy these amenities while accessing their parking space.
Parking Spot Rules and Regulations in Ontario
Each condo building has its own rules for you to follow when you buy or rent the property. There are always restrictions on how parking spaces are managed, but it largely depends on the rules set by the property manager.
Here are some common rules for parking spots in Ontario:
You cannot rent or sell your parking spot to non-residents
Parking rentals are kept on record by building management
A parking spot rental can be terminated if somebody buys your condo unit (e.g. a resident who owns another unit may no longer be allowed to use the parking space as it will be transferred to the new owner)
There may be maintenance fees for your parking spot
There may also be rules and regulations on where vehicles can be parked, if guests can use the spot, and limiting the parking space to one vehicle only. If the building management is strict, they can also prevent you from washing, cleaning, or repairing your car in the spot.
Tenant Parking Rights in Ontario
If you are renting a condo in Ontario, your parking rights are much the same as the general tenant rights in the province. Under the Ontario Human Rights Code and the Residential Tenancies Act, landlords must:
Not discriminate against you or deny a parking spot based on your race, religion, sex, disability, family status, etc.
Provide you with a parking spot that complies with accessibility standards if you require it.
Reduce your rent accordingly; if you had parking, then it was taken away.
While these rights are generally applicable, the specifics can vary depending on your local area and lease agreement. You can contact the Landlord and Tenant Board if your rights are violated.
How to Find Parking in Toronto
If you’re not looking for a long-term parking space to rent but rather a spot for a few hours or a day, here are a few startups and mobile apps that make finding parking in Toronto a lot easier (as we all know it’s a nightmare!):
1. Green P Parking
One of the most well-known apps for parking in Toronto, Green P is the official app of the Toronto Parking Authority. You can find and pay for parking at on-street and off-street locations across the city. You can pay with your credit card, Apple or Google Pay, and get notified when your parking session is about to expire.
2. SpotHero
With SpotHero, you can find, compare, and book parking spots in advance at various garages and lots throughout Toronto. With an integration with Google Maps, this app offers discounted rates and easy reservation management.
3. ParkWhiz
With ParkWhiz, you can book hourly and monthly parking spaces in Toronto. Compare prices, read reviews, and reserve spots ahead of time.
4. ParkMe
ParkMe allows you to see real-time availability and pricing for all the spots available in the city. You can find the cheapest and closest parking options and reserve spots where applicable.
5. SpotAngels
SpotAngels shows the top-recommended hourly and monthly parking spots in the city. It includes information on parking rules, garage deals, and street parking availability.
Is a Condo Parking Spot Worth It?
You should consider a few factors when deciding to buy or rent a parking spot:
If you…have a car and use it often, a parking spot can be worth it, especially in the winter months. Most condos have underground parking, which can protect your car from the snow and freezing cold.
If you…don’t need a car and walk or use public transportation to get around, you likely don’t need a parking spot.
If you…are buying the condo and plan to rent it out, you may want to forego buying a parking space, especially if the condo is in a big city like Toronto. However, a parking spot can also be a highly sought-after amenity for many renters.
If you rent a condo in Ontario or any other province in Canada, you should be earning rewards on your rent payments. With Chexy, you can pay your rent with a credit card and earn points, cashback, or miles, along with building your credit.
Subscribe to our newsletter below for up-to-date credit card, travel, and rental content.
FAQs
Can I keep items other than a vehicle in my parking spot?
Generally, you can only keep a car, motorcycle, or other vehicle in your condo parking spot. It is a fire code violation, and your building may be fined during the annual inspection. However, it varies depending on your condo, so ask your building manager/landlord.
How much does a condo parking spot cost in Toronto?
On average, a parking spot in Toronto costs about $150 monthly to rent or about $30k to purchase outright. However, this depends on who you rent from and the condo building.
How many accessible parking spaces are required in Ontario?
Under the Ontario Building Code (OBC) rules, there must be a minimum of one accessible parking space for every 100.