Big Money If You Sell Your Condo Parking Space

Most new Condo buildings have fewer parking spaces than they have condo suites, and many have no visitor parking at all.  Consequently, this has created a whole new market for parking spaces.

• A parking space in Toronto can sell for $60,000
• A parking space in New York City can sell for $600,000
• A parking space in London, England can easily sell for $150,000
• A parking space in Hong Kong can sell for $400,000 or even $3 million

You could almost buy 2 houses in Burlington for the price of 1 parking space in New York City.

But, most Condo Rules and Regulations won't allowed you sell the parking space you aren't using, or even rent it, to anyone outside the Condo Building.  That certainly limits your target market.  And for good reason.  The monthly maintenance fee all condo owners have to pay includes the maintenance and security of all parking spaces.

Renting of residential parking spaces is now something we are seeing more of in Burlington.  I was surprised to be offered $45.00 per month for parking in my driveway.  Personally, I don't want to rent it because for $45.00 a month the renter now has rights and expectations of me for my driveway.  I told him to park for free and help me shovel snow from the driveway.  It didn't work out but fortunately I was in a legal and moral position to put a stop to his behaviour without notice.


Hong Kong parking is interesting.  A few years ago, the government tried to slow down the housing market but they did not include the parking spaces. Most parking spaces in Hong Kong, including those inside residential complexes, industrial and commercial properties, have separate ownership titles from the apartments/houses/buildings.  The bank will even loan you up to 50% of the cost of a parking space.  People started investing in parking spaces instead of homes.

Hong Kong, with 7.1 million people and a vast public transport network, including subways, buses, ferries and trains, has a car ownership rate of 56 cars per 1,000 people.  Part of the reason is also because the government taxes first time car owners 40% of the cost of the car and the licensing fee is about $4,000 per year.