Looking at a property without a parking spot? It might not be a problem - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Looking at a property without a parking spot? It might not be a problem

19 May 2015
Bosley Real Estate

Booming development in Toronto’s downtown core, and pockets further afield, have not only left the city with rich residential options but with the amenities and conveniences of urban life.

There was a time when having a car made life a lot easier. “If you lived downtown 20 or 30 years ago, there were no grocery stores or other amenities,” says Bosley real estate agent David Coffey. But today? “You don’t really need a car.”

Farmers’ markets, grocery stores that specialize in meals to go for downtown residents, movie theatres, parks with event schedules thanks to active neighbourhood associations — for those living in the city core, it’s becoming less important to have a car and therefore a parking spot at one’s residence, which can cost from $30,000 in Liberty Village, for instance, up to $70,000 in Yorkville.

“People are interested in being part of a neighbourhood,” Coffey says. Before deciding that a parking spot is a must-have, he suggests buyers pay attention to Walk Scores, which are increasingly part of the information offered on listings. Walk Scores offer guidance on how easy it is to find restaurants, bars, groceries, schools, entertainment and more all on foot. A score of 100 means an area is a “walker’s paradise.”

Another reason homeowners are opting out of parking spots? An growing number of shared transportation options. Car share companies like AutoShare, Zipcar and Car2Go can often be found within a block or two of most downtown intersections, and some buildings even dedicate parking spots to these services. These services offer vehicles of varying sizes to accommodate those who need to run a few errands as well as those heading out of town for the day.

“It’s less important to have a spot in higher-density areas,” Coffey says. And it doesn’t help that Forbes magazine named Toronto the sixth most traffic-congested city in North America. As Coffey says, when downtown: “You can often go faster biking or walking.”