Buying a one-bedroom condo in the Greater Toronto Area isn’t just about square footage; it could mean a budget six figures more if a wishlist includes a parking space.
An analysis of 2024 data from Wahi shows how costly parking can be in certain neighbourhoods. In Riverdale, for instance, one-bedroom units with parking sold for a median of $793,860—$202,360 more than similar units without a parking spot.
“In dense, walkable neighbourhoods, a parking space is an extremely valuable asset— both for convenience and resale value,” says 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.”
Where parking costs the most
Riverdale tops the list, but other central Toronto neighbourhoods aren’t far behind. In Deer Park, Roncesvalles, and The Annex, parking adds between $149,000 and $189,000 to a condo’s price. Even in Core Mississauga, outside the City of Toronto, the premium for a parking spot reaches $130,000.
Wahi notes these high costs are often found in older, established areas where street parking is scarce and every square metre is at a premium. Across these neighbourhoods, the added cost of parking typically ranges from $100,000 to more than $200,000.
Where it’s more affordable
The story shifts dramatically in other parts of the GTA. In Bloor West Village, parking tacks on only $2,500 to the cost of a one-bedroom unit. And in a handful of neighbourhoods like Flemingdon Park and Cabbagetown, condos without parking actually sold for more than those with it, a quirk Wahi attributes to differences in building age, amenities or finishes.
The varying value of parking highlights broader trends in buyer preferences and neighbourhood infrastructure. “In walkable, transit-friendly areas, some buyers—particularly first-time buyers—are willing to skip parking to lower their purchase price,” Wahi reports.
Still, having a parking spot often pays off at resale. In areas where parking is scarce, units with a spot tend to sell faster and at a higher price.
