Should I buy parking for 1+1/2bath Don Mills/Sheppard?

Yes for sure, if that were a new precon the price would be much more. You only pay a bit up front and then it will mostly pay for itself. Really a no brainer buy in my opinion. It's also a very convenient location for someone who drives. A lot of people who have to commute to different areas will like that area and want a spot.

If you are planning to sell it eventually it would an asset to have the spot. Even to rent it out to your next tenant especially if they drive. We went to look at a rental condo unit once and there was no parking spot. Having to rent a spot in a public garage across the street was no too desirable and we moved on. My thoughts only.

Yes- always get a parking spot if it’s available.

Anyone have any figures on what parking spots actually cost in North York on new builds these days?

williamzhao64 wrote: ↑ Anyone have any figures on what parking spots actually cost in North York on new builds these days?

The Fredrick is charging $80k

50k for a damn spot?
50 bucks a month for maintenance. What maintenance? Sweep the concrete?

You making $100/month = $1200 year profit on 50g, do 2.4%

That’s terrible. Clearly people don’t do math here buy one of dividend stocks where you make much better coin.

On top of this, you might not be able to rent it out every time, you might need to borrow that 50g (pay interest) and maintenance fee might go up.

Be a fool to do this. Who sells you units without parking is another thing….. whys it all upside down in that crapola over there

Parking spot at that complex is at $120 right now.

pandorazw wrote: ↑ Parking spot at that complex is at $120 right now.

So minus 50 maintenance it’s $70 a month profit. So 840 a year. 1.68% is what your getting. BUAHAHA that’s so bad. Literally any financial dividend pays more

Buyers in North York want parking.

senasena wrote: ↑ Buyers in North York want parking.

Exactly. Its not exactly a down towny area. OR even like those areas in Beaches, Leslieville, west end etc... Where people live the car free life style. This area doesn't have the "walk to everything" vibe. Unless your idea of that is just to walk to Fairview mall for everything.

submarine wrote: ↑ Parking spots go up in value over time. Don't be surprised if a parking spot here costs 80k in 5 years.

So you make 30k in 5 years and 4200 from parking.
This assumes you rent out at 120 and nothing changes.
So your ahead now at 84,200 from 50k over 5 years.

Investments from 50k will go to 95k (and this is conservative) over 5 years at 13.75 (DFN). I’m over 15% and didn’t even add in the minimal growth

Your grasping at straws. Do I care if you or the OP buys it or not? Not at all.

If it were me this wouldn’t be a question as I wouldn’t even bother investing in a condo, not to mention the area.

submarine wrote: ↑ The point is your oversimplified "1.68%" growth calculation is not good advice at all. There are many other factors to consider to buy a parking spot from lifestyle to resale to rental opportunities. The future price of the parking spot could be 80k, 50k or 120k. There are already parking spots in Toronto that sell for 180k.

If your going to throw out random numbers and guess, that’s the same as throwing a dart on the dartboard or investing in crypto.
If OP invested 1k in shiba at its bottom he would have over a BBBBillion dollars at its peak

submarine wrote: ↑
The point is your oversimplified "1.68%" growth calculation is not good advice at all. There are many other factors to consider to buy a parking spot from lifestyle to resale to rental opportunities. The future price of the parking spot could be 80k, 50k or 120k. There are already parking spots in Toronto that sell for 180k.

tmkf_patryk wrote: ↑ If your going to throw out random numbers and guess, that’s the same as throwing a dart on the dartboard or investing in crypto.
If OP invested 1k in shiba at its bottom he would have over a BBBBillion dollars at its peak

Its extremely short sighted to view it this way.

I bolded the point that you missed. These are very important factors.
People in this area usually require parking. Thus having a rental unit, without easily available parking, will be a detriment to its marketability. Same thing for re-sale down the road. Without parking, that will lower the available pool of buyers. Its the nature of the market.

Typically, You can only really get away with selling a condo without a parking space in downtown and downtown like areas (beaches for example is 5-15 km away from the core. But its life style can be similar with its high density of residential and commercial use properties).

You also make the point of dividends and what not. Also short sighted. Dividends can be cut, and stock prices can fall.

So by your analogy of “buy crypto and make billions” we can all say “all your stocks are going to $0 and all dividends cut.”
Which is technically a possibility.

Looking objectively at current trends, and also applying those trends to the specifics of this neighbourhood, parking is a wise choice.

Theres a reason why so few condo units in This area are sold without a parking spot.

Yes. I get it. Pricing is expensive and infuriating to most.

Think of it this way… this area of Toronto is not walkable. most have a car.
If you were wanting to rent a unit there and they said “oh theres no parking… but rent it from someone else in the building…”
That might not actually be available. There is no guarantee.
It might scare off a tenant who would just pick the unit next door with an available parking spot.