As condos rise, the cost of buying a parking spot in Halifax reaches $30K
'Demand for parking space on the peninsula is very high,' says condo realtor
The demand for real estate is growing so much on peninsular Halifax that an 8-by-16 foot parking space will run you more than $30,000.
A real estate listing on Wellington Street in the city's south end posted on the website Viewpoint has a parking space listed for $29,900. That doesn't include the condo fees for the spot, which are $67 per month.
Across the street, realtor Larry Allen is selling condos in the Gorsebrook Park development, which is under construction. Parking spaces are sold separately for an additional $36,000. He said 80 per cent of the spots have been sold to condo purchasers.
"If they do choose to buy parking it is deeded, so it is an appreciating asset. So they could sell it to others in the building, they could rent it or they could keep it for their own use and sell it when they sell their unit," he said.
Still, those parking spot prices are a bargain compared to the cost of owning a $50,000 to $75,000 parking space in Toronto's downtown core.
"I had a friend in Boston who just bought one the other day in Boston for $150,000. So at [$36,000] we're still a pretty good deal," said Allen.
A lot goes in to building parking structures in Halifax, said Allen.
"Cost of excavation, cost of construction, all your infrastructure's underground — all of those things combined and obviously the demand for parking space on the peninsula is very high," he said.
Renting a parking spot in downtown Halifax can also be expensive.
Wade Keller pays about $200 per month to rent his spot near the Halifax waterfront. He's not surprised with trend of selling parking spots.
"We're seeing the explosion in population downtown Halifax, downtown Dartmouth right now — it's just a sign of the times, it's reality," he said.
Not that it's feasible or likely, but if you were to park at a meter downtown, 24 hours a day, seven days a week, it would cost $13,140 per year.
A 2017 parking study showed not all spots in Halifax were being used, but every building that goes up adds to the demand.
"The municipality is also looking at options like increased transit and cycling facilities and park and rides to hopefully avoid individuals needing to pay an astronomical price for an off-street parking location," said Victoria Horne, Halifax's parking services program manager.
With files from Colleen Jones