100 Queen Condos. The most expensive parking spaces in Toronto sell for sky-high prices. The price of parking spaces in Toronto is on the rise; according to data, the transaction price of an underground parking space in the city center is as high as 122900 yuan in 2020, nearly 43% higher than that of the same parking space the year before.Please Visit: 100 Queen Condos to Get Your VVIP Registration Today!
An underground parking space in the downtown SoHo Hotel and Residential Building sold for 122900 yuan in 2020, 42.32 per cent higher than the 85750 yuan recorded for the same parking lot in 2019, according to Scott Ingram, a real estate agent.
The estate agent said that the SoHo Hotel and Residential Building, located at the junction of Wellington Street West and Blue Jays Way, is adjacent to the Ritz-Carlton residence. One of the underground parking spaces, which sold for 85750 yuan in 2019, has become the highest transaction price in 2019, but the parking space in the same parking lot actually sold for 122900 yuan in 2020!
Ingram said that if you can afford to live in a Carlton house, you will also have the extra ability to have a parking space; in fact, there are a lot of luxury cars in and out of the parking lot.
But this is not the only six-figure parking space in Toronto; according to Ingram, there are actually three more parking spaces in 2020 for more than 100000 yuan, two of which are located at 197 Yonge Street and the other at 1 East Bloor Street.
As for the parking space with the lowest transaction price in 2020, it is located at 760 West Lawrence Avenue, with a transaction price of only 4500 yuan.
In a city where residents already have to pay two land transfer taxes to the provincial and municipal governments, any increase in the tax will worsen the shortage of housing inventory in the area.
House prices in the prairie provinces and Newfoundland and Labrador provinces will continue to be affected by economic challenges, with 2021 of apartment prices in urban areas likely to remain stable, while larger home and property prices in smaller markets will continue to be strong in 2021, benefiting sellers, said Robert Hogue, senior economist at RBC.
Unless there are more economic shocks, he says, 2021 will be full of bidding, soaring prices and angry buyers unable to find affordable housing.
