Parking spots are falling out of favour with many condo buyers, thanks to the proliferation of car-sharing services and a greater emphasis on transit and walkability by city dwellers.
A condo parking pot used to be the gold standard. Many buyers are no longer willing to pay extra for parking, especially if a building is located near the subway or GO Train station.
Parking spaces in Toronto are currently selling for an extra $50,000-70,000 for new construction condo projects.
Source: Alexandra Posadzki, The Candian Press / Toronto Star
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“Toronto’s Condo Authority”