Real Estate

condo with or without parking

  • Last Updated:
  • May 5th, 2019 6:03 am
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[OP]
Sr. Member
Nov 25, 2008
700 posts
31 upvotes
edmonton

condo with or without parking

Hi as of now, is rental market near bayview village still good ?

if i am considering 1 bedrm condo there, say, if listed price for 500 sq ft is 500k, included parking, how do you evaluate the price per sq ft ? (because many new ones they dont include parking,
do i simply deduct $500k minus $40k parking = $ 460 then divide by 500 sq ft of unit ?

From owner point of view , is having parking + locker advantage or burden in term of maintanece fee ?

Thanks
T
9 replies
Penalty Box
User avatar
Nov 5, 2018
2916 posts
5180 upvotes
Toronto
$1,000 per sqf is ridiculous for that area. I'd rather buy downtown at around the same price; better location and you don't need parking there. You will probably need a car if you live in the Bayview and Sheppard to Leslie and Sheppard area as the only stores are the Ikea, Canadian Tire, Mark's, McDonald's, and the Bayview Village mall.
Called the bottom.
Member
Aug 16, 2011
364 posts
234 upvotes
OTTAWA
love0715 wrote: Hi as of now, is rental market near bayview village still good ?

if i am considering 1 bedrm condo there, say, if listed price for 500 sq ft is 500k, included parking, how do you evaluate the price per sq ft ? (because many new ones they dont include parking,
do i simply deduct $500k minus $40k parking = $ 460 then divide by 500 sq ft of unit ?

From owner point of view , is having parking + locker advantage or burden in term of maintanece fee ?

Thanks
T
Are you asking about King's Landing? Guess they are feed off of the GOT hype... but its overpriced for Bayview and Sheppard close to where the IKEA is.
Sr. Member
Aug 20, 2015
514 posts
301 upvotes
Toronto
You do have to put some form of valuation on a parking spot. However that value can change from building to building. If there are a ton of empty parking spots the value of the parking spots may be low. I've seen downtown where people ask for $200-$250 per month and as low as $120-$150 in a building in the same area. Check the mail room usually there are postings there.

Best bet is to try and see if any parking units sold by themselves, or try to look at similar units with and without parking to gauge it.
Sr. Member
Aug 20, 2015
514 posts
301 upvotes
Toronto
Also in regards to the parking maintenance fee you can just crunch some numbers on it. You should be able to find out how much per month the maintenance is on a parking spot.

Let's say the maintenance is $50 and you can rent it out for $200. Is a net $150 a month worth the $30-50k it costs to get it? How likely is the parking spot going to retain (or appreciate)it's value if you sell it?
[OP]
Sr. Member
Nov 25, 2008
700 posts
31 upvotes
edmonton
i am not talking about king's landing. i am talking condo assignment near Bessarion ttc station, opposite side of Bayview village.

what is typical price for existing 1 bedroom unit in that area now ? 450 k (including parking )?

MY bottom line is actually if there will be rental demand for 1 bedroom ($1900 ?) ,if nobody rent what i bought, it's disaster.
Sr. Member
Oct 21, 2016
864 posts
636 upvotes
Buy downtown you will command a greater rent and there will be greater demand for your unit.
Deal Guru
Feb 29, 2008
13923 posts
10193 upvotes
I would buy parking anywhere outside the core.
Deal Guru
Feb 29, 2008
13923 posts
10193 upvotes
love0715 wrote: i am not talking about king's landing. i am talking condo assignment near Bessarion ttc station, opposite side of Bayview village.

what is typical price for existing 1 bedroom unit in that area now ? 450 k (including parking )?

MY bottom line is actually if there will be rental demand for 1 bedroom ($1900 ?) ,if nobody rent what i bought, it's disaster.
Sign up with bungol.ca and look at rents people are getting in that area. I like looking there because it tells me what people are paying not what landlords are asking for.

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