Owned parking in a Toronto condo is a separate legal unit with its own title, meaning you can sell or transfer it independently from your residential unit. Exclusive use parking is part of the condo corporation's common elements and cannot be separated from the unit it is assigned to. The distinction affects your rights, your resale flexibility, and potentially the value of your condo.
When a parking space is registered as an owned unit, it has its own deed. The condominium's declaration will list it as a distinct unit, just as it lists your residential suite. You can sell it to another owner within the building, keep it when you sell your suite, or purchase additional spots. Most condo corporations restrict the sale of parking units to existing owners in the building, so you generally cannot sell one to someone who does not already own a unit in the complex. An owned parking unit also carries its own share of common expenses, which means a separate monthly maintenance fee. In many newer Toronto buildings, that fee runs between $50 and $200 per month.
Exclusive use parking works differently. The condo corporation retains ownership of the space, but the declaration grants one particular unit the right to use it. That right travels with the unit when it is sold, but it cannot be detached and sold on its own. Because the space remains a common element, the condo board's rules and bylaws govern what you can and cannot do with it. Some boards prohibit renting exclusive use spaces to third parties, which has been a source of disputes in Toronto transactions where buyers expected to have the same flexibility they would with an owned spot.
This distinction also shows up on MLS listings and in the status certificate. Look at the status certificate closely, because the listing description alone is not always accurate. The condominium's declaration, specifically Schedule C for unit boundaries and Schedule F for exclusive use common elements, will confirm exactly what type of parking is attached to a unit.
From a value standpoint, the difference matters. Recent data from the Toronto Regional Real Estate Board and Wahi shows that condos with parking in some Toronto neighbourhoods command six-figure premiums over comparable units without it, and units with owned parking generally sell for more than those with exclusive use arrangements. If you are buying a condo in Toronto, understanding which type of parking comes with the unit is worth clarifying early in your due diligence.