Need Parking? It’ll Cost You $200K in Some GTA Neighbourhoods

In dense Toronto areas, a parking spot can add six figures to a condo’s price, according to Wahi.

By Kristin Doucet | 3 minute read

If you’re in the market for a condo in the GTA with parking, you should know it can significantly add to the cost of a condo.

Thinking of buying a one-bedroom condo in the Greater Toronto Area (GTA)? If you want a parking spot, be prepared to pay a premium — and in some neighbourhoods, it’s a steep one.

Digital real estate platform 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. The findings reveal that in some neighbourhoods, a parking spot can add well over $200,000 to the price of a one-bedroom unit, while in others, the difference is far less.

“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.”

GTA Neighbourhoods Where Parking Is Most Expensive

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.

Deer Park, Roncesvalles, and The Annex aren’t far behind, with parking-related price differences ranging from $149,000 to $189,000. Even outside Toronto proper, Core Mississauga has a $130,000 price difference.

Parking often carries the highest premium in older, established Toronto neighbourhoods where street parking is scarce and space is at a premium.

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.

GTA Neighbourhoods Where Parking Is Most Affordable

In contrast, some neighbourhoods show only a modest price difference, indicating that parking contributes more significantly to property value in certain areas.

On the more affordable end, in Bloor West Village, for example, parking only added $2,500 to the price of a one-bedroom condo.

Interestingly, in a few neighbourhoods like Flemingdon Park and Cabbagetown, one-bedroom units without parking sold for more than units with parking — though these results could be due to differences in building age, amenities, or finishes.

Why the Difference in Price?

Parking can be more valuable in areas where condos tend to be more expensive, public transit options are limited, street parking is scarce, or demand for car ownership is higher. In walkable, transit-friendly areas, some buyers — particularly first-time buyers — are willing to skip parking to lower their purchase price.

At the same time, when it comes time to resale value, having a parking space often helps units sell faster and at a premium, especially in neighbourhoods where parking is scarce.

Methodology:

Wahi analyzed one-bedroom condominium sales across the Greater Toronto Area in 2024. Only neighbourhoods with at least five recorded sales with parking and five sales without parking were included to ensure a meaningful comparison. Focusing on one-bedroom units helped isolate the impact of parking, as larger condos are more likely to include parking by default. Data was sourced from Information Technology Systems Ontario (ITSO) and the Toronto Regional Real Estate Board (TRREB).