Vancouver parking space set to sell for $45,000
Posted July 26, 2015 3:18 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – The cost of parking in Yaletown is sure to take a bite out of your wallet. A single spot is selling for $45,000.
That works out to about $200 a month.
While it may seem out of place here the Director for the Centre for Urban Economics and Real Estate at UBC Tsur Somerville says there is a growing trend of people not needing parking spots.
“It’s not something we’re used to but in cities where parking is scarce like New York City or Boston it’s very very common for parking spaces to be owned and then sold or rented out.”
Somerville says more and more condo and apartment complexes are not pairing stalls with housing units.
“If your automobile is a shared car or a car co-op a smart car or something like that why would you want to pay the money to own a parking stall?”
He says the city might not want to step in and try and curb people from selling parking spots.
“I would think the city would be pretty happy. If you want to reduce car use, essentially what you want to do is allow for people to say hey you know what? You don’t have to car you can live downtown and you can buy a unit for say $40,000 less than it might take otherwise.”
