Parking Spot has made parking much easier and hassle-free. Now you can spend your time, enjoying your favorite movie, sports, or night-outs instead of circling the streets to find a suitable parking spot. We direct over a million busy drivers across Canada to thousands of parking spaces that are cheaper and more convenient than other parking spaces in the city.
We facilitate drivers to find, reserve and pay for parking spaces, wherever and whenever they need. We also allow drivers to find and book their spaces instantly while they are on the road. We also help parking spot owners to rent out their space easily. We help them to price their spaces intelligently, where both the owners and the drivers are both benefited.
Our services are designed using the technology and data to upgrade the value of parking spaces of thousands of landowners. We have been successfully implementing our services that add value to landowners by offering an opportunity for additional revenue with no hidden costs.
We’ve generated a stream of additional revenue for property owners by upgrading the value of their otherwise unused vacant spaces. We have also helped drivers to save their money and time by guiding them to the nearby inexpensive parking lots.
We keep working together with several landowners to transform their empty, unused land to a car parking space that can maximize incredible returns from their assets. Locating cheap parking around the city has just got exciting and time-savvy with our unique services.
Additionally, we offer access to free parking spots across the city to all our members. This innovative idea has been a huge hit with thousands of drivers and their numbers keep growing. Parking Spot owners like City centers, hotels, apartments, and commercial parking lots let available spaces up for hire whenever they are free. Our members can go online on our site and find out such spaces that are in the vicinity, and park their car by paying only a finder's fee. With our parking solution, drivers don’t have to spend more time, circling around the city to find an ideal parking space that is both, secure and budget-friendly.
Are you a landowner seeking to rent out your land or a driver seeking a suitable parking spot close by? Find out how you can be benefited with our Parking Spot Services.
Things To Know About Parking Spots
Disappearing Parking Spots in Downtown Toronto is not a surprising fact. With surmounting real estate prices in the downtown area, developers find ways to attract buyers with low cost on condos, while building fewer and fewer parking spots downtown.
With parking spots always taking the center stage in the downtown area, here are a few things that every condo buyer, seller or investor needs to know about parking spots.
Extra Fee on Maintenance
If you plan to buy a pre-construction condo, you have to be aware that you will have to pay an extra of about $50 for a parking spot with your unit, if you buy it. Developers include the parking maintenance fees right on their price sheets and marketing materials. This only shows up in the legal documents that most buyers never read. This maintenance fee might increase up to $150 in the downtown area. So pay careful attention to those fees when buying new or resale.
Downtown Parking is now endangered
It is getting harder and harder to find a parking spot in Mississauga and Toronto. In the current real estate scenario, it has become harder to find parking spots with 1 bedroom units. Even many 2 bedroom units are selling without parking spots today. This is due to the buyer demand and the way developers are being squeezed into smaller and smaller development sites and the cost of building individual parking spots just seems nearly impossible.
Age of the building determines the cost of parking
It is a known fact that the value of a square foot in one building is not the same as the other one nearby. This is also applicable in the case of parking spots. You cannot assume that buying a parking spot in a downtown condo makes it worthy of a current average of around $50K. In many older buildings parking spot values have skyrocketed or decreased over time because the old buildings usually had more parking spots than there were units. For instance, buying a parking spot in a downtown condo that’s only a couple of minutes to the subway can cost you as high as $9,000-$10,000. Even spots near Minto Midtown at Yonge and Eglinton, parking spots can go up to $60,000, all because the developer did not build enough parking spots in the building. With all these difficulties, finding free parking spots in Toronto and Mississauga is like a distant dream.
It really isn’t economical to buy a parking spot
Parking spots in new condos are charging as high as $150/month as maintenance fee. This is something you pay on top of the purchase price of the condo. The monthly cost of owning such a spot could be around $300, provided you pay 20% as down payment. The cost of renting this spot in the future will be only around $200 per month. Considering all these situations, it really doesn’t sound economical to buy a parking spot.
It is recommended that you do your math before buying a parking spot in any new or resale condo.
Should you buy a parking spot with your next condo?
In the current scenario, several buyers have purchased resale condos without parking spots. They do rent parking spots in their building. They did so as they plan to keep their cars and they also could not find a suitable condo in their price range that comes with a parking spot. This clearly proves that developers are not building enough parking spots today to meet the future demand. So for any unit, we recommend renting a parking spot. The only thing that matters is where you get help in finding that perfect spot for your car.
You can be sure to find the right parking spot when you browse through our long category of parking spots available for cheaper rental fee, compared to the other spots in downtown Toronto. We act as your handy brokers in getting you to the ideal spot. We also help our needy drivers to find free parking in Mississauga. We help landowners have a steady stream of income by helping them utilize their vacant land as ideal parking spots.