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What’s Going On With Mississauga Condo Parking Spots?

 

The above is a picture of Square One taken back in 1973 of what is known today as “downtown Mississauga”! Back then, there were only two main streets – Hurontario and Burnhamthorpe and Square One’s food court was outside. Square One was also surrounded by farms all around it. Since then, much has changed; one of those being available parking spots. In this blog post I will cover everything you need to know about parking spots!

 

Before The Mississauga “Condo Boom”

Before the start of the condo boom in the 2000’s, parking spots where a dime a dozen. Many older condos came with 2 parking spots as a default, and adding another vehicle to the family was not an issue. There was less cars in Mississauga, thus finding an additional parking spot to rent for “cheap” was relatively easy. High rise buildings also had a healthy surplus of visitor parking spots just in case you wanted to throw that party and have guests sleep over. What is interesting is, that not only was there more free parking spots during this time, but also the parking spaces where larger in size.

 

Current State Of Parking Spots

Currently, as far as I know, all condos in Mississauga come with at least one parking spot with the unit. I would estimate 10-15% of newer condos in Mississauga come with 2 parking spots or 1 tandem parking spot (1 larger parking space that fits two cars behind each other). Additional parking is available around the City Centre area for roughly $60-100 per month in older condos, and as high as $120-150 per month in newer condos. If you wanted to purchase a parking spot you can expect to pay $15,000-$20,000 for an existing spot or $20,000-$25,000 for a pre-construction condo parking spot. For those who think that is a lot of money, in downtown Toronto parking spots are known to sell for $40,000-$60,000 per spot!

 

Here are 3 things you should know about parking spots:

– Prices for monthly rent for parking vary substantially. If you live in a newer condo you may want to consider renting a parking spot from an older building across the street.

– Owning your additional parking spot  may cost you $25-40 extra per month in condo fees.

– Sometimes you might be better off renting a second parking spot as opposed to buying a unit with two parking spots.

 

Predictions For The Future

My prediction is that parking in Mississauga will soon become similar to parking in Toronto. By that, I do not mean our Square One mall will start charging for parking (like Eaton’s Center in Toronto), but rather parking spots will soon become optional for newer pre-construction condos. With pre-construction condo prices hovering between $425-$450 a square foot and steadily increasing, developers will look for ways to cut costs on the purchase price of newer condo units to attract buyers. This can be accomplished by not including a parking spot by default, and charging a premium to buyers who desire a parking spot with their condo purchase.

A brilliant move or a recipe for disaster? That is something you will have to answer for yourself, however keep in mind the following: The construction of the LRT, the rising costs of living and the strong demand for condos in Mississauga. However, there are still valid questions being raised with regard to Mississauga’s real estate growth.

 

Will parking spots become (as the Globe and Mail put it) an endangered species? That is something we will have to wait and see to find out.

 

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