A listing on Realtor.ca shows a spot in the commercial parking lot near Rogers Arena in downtown Vancouver listed for $45,000, something that raised the eyebrows of one realtor.
“There is a shortage of parking for many people, which is why the prices have gone up. Just look at our real estate market right now – it says it all,” Bill Binney, a real estate agent with Royal LePage, told REP.
Parking is becoming a hot commodity in the city as some luxury spots are selling for as high as $50,000 and even $120,000, according to one CBC news article.
Kenny Wong, a condo investor and manager in Toronto, says parking, whether in a condo or not, is becoming a ridiculously expensive commodity in real estate. “Parking is already an issue in Canada for investors and the realtors who sell to them,” he said. “In many new condos, you cannot buy parking unless it’s two bedrooms or larger. It’s absolutely crazy.”
Vancouver’s hot real estate market has seen the sales of detached homes and condos reach record highs, but another type of property is selling at startospheric prices as well – parking spots.