A parking spot in a Toronto condo usually costs between $30,000 and $100,000 to buy, and spaces downtown or in new pre-construction buildings regularly pass $150,000. Renting one from another owner in the same building is the cheaper route, at roughly $100 to $300 a month. The cost of a parking spot is priced by scarcity rather than by size, which is why the range is so wide.
A space in a suburban building where the garage never fills is worth a fraction of one near Union Station or along the waterfront, where listings sit at six figures. Supply inside the building drives the number more than anything else.
In a new build, the developer sells parking as an add-on to the suite, commonly somewhere between $45,000 and $100,000, and higher in the core. Some builders fold a free space into the deal as an incentive when a project is slow to sell, which is one of the quieter differences between buying pre-construction and buying resale. On the resale side, a space registered as its own unit can change hands separately from the suite, though almost every condo corporation limits those sales to people who already own in the building. Whether that is possible at all comes down to the difference between owned and exclusive use parking.
Supply has been tightening. Toronto City Council removed most minimum parking requirements for new residential developments in December 2021 and set maximums instead, so recent buildings are approved with far fewer spaces per unit than towers built a decade earlier. The effect shows up in resale pricing. A March 2026 analysis by the brokerage Wahi found that condos with parking carried premiums above $100,000 in more than a dozen Greater Toronto neighbourhoods, reaching roughly $268,500 at the top end.
Buying is not the end of it. An owned parking unit carries its own share of the building's common expenses, often $50 to $200 a month on top of what the suite costs, which is part of why condo maintenance fees differ so much between otherwise similar units. Buying a space on its own also triggers both the Ontario Land Transfer Tax and Toronto's municipal land transfer tax, which together add about $950 on a $75,000 space. Parking purchased at the same time as the suite folds into the price and therefore into the mortgage. A standalone purchase generally does not, because lenders rarely finance a parking unit by itself.
Related reading: Owned vs Exclusive Use Parking in a Toronto Condo, How Much Does It Cost to Buy a Condo in Toronto?, and Condo Maintenance Fees in Toronto: What They Cover