On average, a parking spot in Toronto costs about $150/month to rent or $30,000 to purchase. For example, a Yorkville parking space was once sold for $100,000. Parking rates in Toronto range between $50 and $375 per month.
Adding a single parking space to your home could increase property value by 5%. Most condominium parking spaces are limited common elements where owners have exclusive use rights. However, some are now separate units with fee simple title.
Downtown parking can range from $150 to over $450 per month. On-street parking rates start at $2.50 per half hour.
The most expensive parking spot listed for sale is $125,000 at 197 Yonge Street. In 2020, three Toronto buildings had spots listed over $100,000.
As Toronto’s economy and population grow, parking availability decreases. This scarcity, along with location and lifestyle changes, leads to high parking spot prices.
How much does Toronto parking cost? On-street parking in Toronto is usually charged by the half hour. Meter rates with Green P meters start at CA$2.50 / half hour and can run as high as CA$4 / half hour near downtown areas.
If you choose to pay the daily maximum, you’re looking at paying anywhere between CA$9 – $22 per day.
Most downtown street parking is free after 9PM.
A Toronto parking ticket can range from $30 to $450 depending on the infraction. There were over 35.1 million vehicle registrations in Toronto. Buying a parking space can cost anywhere from $35,000 to $60,000.