Some joked in the comments about living in the parking space instead of looking for a condo
Author of the article:
Beatriz Silva
Published Jul 21, 2023 • Last updated Jul 22, 2023 • 2 minute read
Housing prices in Toronto keep going up, but it’s not just homes that have become more expensive.
We apologize, but this video has failed to load.
Try refreshing your browser, or
tap here to see other videos from our team.
A parking spot for sale in Toronto is listed for almost $200K Back to video
We apologize, but this video has failed to load.
Try refreshing your browser, or
tap here to see other videos from our team.
Jim Chuong, a real estate investor, shocked people on Twitter when he posted an ad for a parking space that is being offered for sale for $179,900 in the Polo Club II condo building in downtown Toronto.
Advertisem*nt 2
Story continues below
This advertisem*nt has not loaded yet, but your article continues below.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS
Enjoy the latest local, national and international news.
- Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
- Unlimited online access to National Post and 15 news sites with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles including the New York Times Crossword.
- Support local journalism.
SUBSCRIBE FOR MORE ARTICLES
Enjoy the latest local, national and international news.
- Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
- Unlimited online access to National Post and 15 news sites with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles including the New York Times Crossword.
- Support local journalism.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Don't have an account? Create Account
or
View more offers
Article content
— The Lazy Canadian Investor 🇨🇦🇺🇸 (@JimChuong) July 19, 2023Toronto parking spot for sale: $180,000
Property tax: $300/yr
Maintenance: $95/mo pic.twitter.com/aqRRkhp2tF
The offer is framed as a “once in a lifetime opportunity,” combining a parking space with a private locker that is one of only three existing in that building. The condo south of Bay and Bloor is described as being in a prime location, close to the University of Toronto campus and Eaton Centre.
Besides the high cost of buying the spot, it also requires a $94.90 monthly maintenance fee. Property taxes are listed as $300 per year.
While some joked in the comments about living in the parking space instead of looking for a condo, others pointed out that this parking lot spot is more expensive than some homes in other Canadian cities.
Even Ontario has some condos available for less than $200,000.
Parking spots in downtown Toronto are far from being cheap, selling for an average of $30,000, according to Real Estate Agent Melissa Emond. But this spot is almost five times that. A 700-square-foot condo in the same building is on the market for $649,900.
Recommended from Editorial
- Federal government can help with housing affordability by keeping an old promise
- A shift in mindset is necessary to build the homes Toronto needs
Advertisem*nt 3
Story continues below
This advertisem*nt has not loaded yet, but your article continues below.
Article content
The City of Toronto has seen a substantial increase in housing prices and a subsequent affordability issue.
Last year, the Financial Post reported that over 85 per cent of a Toronto household’s income is directed towards housing. Prices have gone up following the COVID-19 pandemic, unexpected interest rate hikes, and amid rising inflation.
The city is also under pressure to build more housing. Premier Doug Ford established a goal of 285,000 new homes in the city by 2031.
Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our daily newsletter, Posted, here.
Article content
Comments
You must be logged in to join the discussion or read more comments.
Create an AccountSign in
Join the Conversation
Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.
Trending
- Airplane food cost more than $220K on Trudeau's Indo-Pacific trip
- Terry Newman: At McGill, the intifada smells like urine
- Rahim Mohamed: A disturbed Canadian set himself on fire. Of course, Israel is being blamed
- Tasha Kheiriddin: High immigration could see Quebec emigrate from Canada
- John Robson: Calgary's progressive recipe for a broken city
Read Next
Latest from Shopping Essentials
- Must-see NYC: My favourite music venues and restaurants Take my trip — a few semi-fancy experiences and some serious fine dining
6hours ago Shopping Essentials
- Meet one of the newest natural deodorants on the market In response to this consumer curiosity, an increasing number of brands have released 'green' deodorant options that are free of ingredients like aluminum.
6hours ago
Advertisem*nt 2
Story continues below
This advertisem*nt has not loaded yet, but your article continues below.
- Puzzmo: Postmedia's free, modern twist on classic newspaper puzzles Introducing your new daily games routine
8hours ago Life
- Frank And Oak review: Ranking my favourite summer styles Testing this season’s best finds from the Canadian retailer
9hours ago Shopping Essentials
- Rounding up the best rice cookers to take you from grain to greatness Whether you're a seasoned chef or a home cook, we’ve got a rice cooker sure to please even the most discerning of diner
11hours ago Shopping Essentials
This Week in Flyers
