Because zoning for this area was created when those rates were more typical. The block planning for this area was done in 2006, with the actual by-law passing in 2011. 2006 Toronto had parking rates more in turn with what is getting built here, which is similar to Cityplace.

There are a lot of half empty parking garages in the downtown in general. Apparently much of the downtown office buildings have their garages sitting half empty as most people have long since stopped driving downtown and take the TTC / GO instead. I know my building's garage is about half empty, and we have an unusually high auto reliance for a downtown office. My apartment has the by-law rate parking as well, and a lot of them are rented out commercially to people who work in the area.
 
innsertnamehere said:
Because zoning for this area was created when those rates were more typical. The block planning for this area was done in 2006, with the actual by-law passing in 2011. 2006 Toronto had parking rates more in turn with what is getting built here, which is similar to Cityplace.

There are a lot of half empty parking garages in the downtown in general. Apparently much of the downtown office buildings have their garages sitting half empty as most people have long since stopped driving downtown and take the TTC / GO instead. I know my building's garage is about half empty, and we have an unusually high auto reliance for a downtown office. My apartment has the by-law rate parking as well, and a lot of them are rented out commercially to people who work in the area.
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It's strange to hear that given that parking downtown is quite expensive. You sometimes see people try to sell parking spots in older Cityplace buildings for $40-$50,000.
 
Parking spaces would sell in the $20-$25k range back then. Parking was seen as a money losing effort back then, something that just had to be built into a pro-forma. With that price, a lot more people bought it, so there was higher demand. Even back then though demand was typically below the zoning rates of around 0.6-0.7/unit that you typically see in a zoning compliant building.

I've heard parking spaces going for as high as $80k in new buildings today. No wonder developments are regularly below 0.2/unit.. Not many people are going to be buying spots at those prices.

The craziest rates I've seen aren't even in Toronto though, but in Vaughan. One of the buildings going up in VMC has a ratio of 0.33/unit in one of the most suburban and car reliant locations in the GTA. It just blows my mind that they managed to sell a building in that area with parking ratios that low, it's the type of area that usually has ratios above 1.0 with parking spaces included in a unit purchase.

The age of the car in downtown condos is certainly rapidly coming to a close. 357 King just launched and nearly sold out from my understanding with 0 private parking, only a few car-share spaces.. I expect to see more and more of that. It is already usually impossible to buy less than a 2 bedroom unit in a new build with a spot, they are usually reserved for larger units only.
 
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Rising...

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The Water Guardians watch as the form settles into place...

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Wondering how folks here are feeling about this neighbourhood. I will be moving to the area in march and imo this hood has potential to be one of the best in the city. Over the next 3-5 years with this, canary commons and block 8 being completed, the neighbourhood should feel much more cohoesive. The high quality public realm, Corktown Common park and the distillery right next door should make this a really pleasant and liveable area. Hopefully the new developments will also bring a grocery store with them. Has there been any word on what the old factory building behind this one will be developed into?
 
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