It is very necessary!
Forgetting about the value impact, the condo will sit on the market for a GREATLY LONGER PERIOD of time when it comes to resell.
There was a report in the Star a few weeks ago (copied below) where they stated that 71% of people rejected a condo for a lack of a parking space.
"http://yourhome.ca/homes/article/422711
Parking spot key to condo resale
Torontonians shopping for a condominium place a premium on garage appeal, according to TD poll
May 8, 2008
Tony Wong
BUSINESS REPORTER
If you're looking to buy a condominium as an investment, or are concerned about resale value, make sure you get that parking spot.
Lack of parking was the number one reason cited by 71 per cent of Toronto area buyers for not buying a particular condo, according to a TD Bank Financial Group poll released yesterday.
"Parking can definitely be a deal breaker," says Darren Ford, an agent with Right At Home Realty.
"It's one of those things that can cause a buyer to walk away."
Lack of parking (71 per cent) edged out lack of building security (70 per cent), the second-ranking reason Torontonians say they would reject a condo.
Parking is less of an issue downtown, where many buyers have access to the subway, says Jamie Johnston, a condominium specialist with ReMax.
While many downtown parking spots start at $25,000 and go up to $40,000 and above for luxury units (more than the price of some cars), parking is not an option for many buyers.
Some builders also do not offer parking spaces with the smallest units.
The Greater Toronto Area remains the top spot in Canada, if not North America, for condo developments, with 280 projects on the market in the fourth quarter of last year, according to condo research firm Urbanation.
The most popular price range, according to the TD poll, is $200,000 to $400,000, within which 56 per cent of Toronto residents say they would buy a two-bedroom condo.
Some analysts have voiced concerns that there is too much product coming on the market to support the demographics.
There will be more than 10,000 new units being completed every year over the next several years, adding substantially to the current stock.
"Given the amount of product out there, you have to think there will be some kind of adjustment," says realtor Ford.
"There is a lot of hype in the market."
Johnston, who has the largest single office devoted to condo sales in the GTA, says his sales are actually up about 9 per cent compared with the same time last year.
Johnston is not calling for a market correction, but he also feels that prices and sales will "flatten out" over time.
But so far, condo prices continue to rise.
A Royal LePage survey of house prices tracked the average price of a standard two-bedroom condominium in the first quarter of the year at $298,662, or 6.9 per cent higher than the year before.
Meanwhile, according to the TD survey, the top reason given for buying a condominium was the prospect of less maintenance than a house, with 38 per cent polled, followed by downsizing/retirement at 19 per cent.
Living downtown and affordability were the next most popular reasons for buying a condo.
Surprisingly, given all the sales of new units, owning a brand new condominium was the least important amenity for 56 per cent of Toronto respondents, according to the survey.
"People don't want to move in four years from now. They want their unit now," says Johnston.
The TD survey was conducted by Angus Reid Strategies between March 20 and 25 and is based on a total of 1,200 online interviews.
The margin of error is plus or minus 6.9 per cent, 19 times out of 20.
Toronto Star "
