Condo Parking Ottawa

Underground Condo Parking In Ottawa

As I write this, the weather channel is predicting almost 24 hours of straight snowfall with 25-35cm of snow. Last week we had the record 52 cm which fell in just over a 24 hour period. Yuck. This is that time of year when those who have underground heated parking are very happy - just jump into a warm car, with no snow to remove, or ice to scrape off.  

Underground Parking Ottawa Condo

The Basics

Most apartment style condo buildings have at least one level of underground parking in Ottawa while typically town house or up/down split style condos, have outdoor surface parking spots. The number of spots each developer must build will mostly depend on the zoning. Most spots are a standard width, and can fit a standard car (but not all buildings are the same - more on this later).

The parking garage typically has access to the main elevators (older buildings might have a separate elevator), along with some of the storage locker rooms and bicycle rooms or area. They typically are heated and ventilated. 

The Cost

When looking at pre-construction the price of a parking spot will first depend on the type of condominium (townhouse or highrise). For example - Valecraft Homes is including one outdoor parking spot for free with the unit purchase at Woodroffe Lofts and a second spot can be purchased for $10,000. Compared to Claridge who is offering an underground parking spot at an additional cost of $35,000 per space at Claridge Icon. 

Next, the cost might rise depending on location within the parking garage. Some builders will offer the premium spaces on level 1 for $5-15,000 more per space - on top of the $35,000. Not every builder does this, some save the premium spots for the large or penthouse units.

Keep in mind, there is also a monthly cost in addition to the purchase price. Since your percentage of ownership goes up in the building, your condo fees will rise as well. Some pre-construction buildings will project an additional $35-45 per month, while parking spots in some re-sale buildings can add $60-90 per month to your condo fee.

While no developer will share the true cost to build a spot, we have always been told it was more than they typically charged, up to almost double to cost - depending on how many levels below ground they need to go. Obviously outdoor surface spots will be a fraction of the cost, since there is less involved in the construction. Zoning requires a certain amount of spots be built per unit. It can range from 0.5 to 0.7 parking spots per unit - or more further outside the downtown core.

Restrictions

Keep in mind that not every unit is able to purchase parking when buying pre-construction.  Since the builder will build as few spots as possible, they will restrict which units can or can not purchase a spot. Typically this restriction falls on the smallest units. Assuming that the smaller unit is less likely to have a vehicle, compared to the large units with multiple residents who might require two etc.  Most builders will have a list for when larger units opt out of the spot, to allow the smaller unit owners the chance to purchase. However, when the building is handed over to the owners, you are then able to purchase a spot from another owner. 

Differences

Parking Garage Condo Ottawa

Obviously not every building is the same, and often these differences can be found underground. Some buildings include visitor parking - The East Market (180 York, 383 Cumberland, 179 George) shares 23 overnight or long term visitor parking spots and 12 short term spots. Builders started including spots for car share services such as VRTUCAR which allows the owner to have 24 hour access to a shared vehicle - without the cost of gas, insurance, and maintenance. Great if you walk to work and never use your car. If you are willing to spend extra, you can even find Valet parking! Windmill's The Eddy features "puzzle parking" system which mechanically parks your car for you. This allows the developer to have more spaces and lower the overall cost. 

No parking space is the same, some have posts or walls on each side, some have plumbing or ventilation equipmenthanging down. This is why it is important to choose your spot carefully, or atleast see it in person if possible. Many owners with larger vehicles (pickup truck or large SUV's) need to make sure they can even enter the garage! Always check it out!

Buying and Selling Parking

While not every building is the same (consult your lawyer), typically each unit (condo, locker, and parking) are all separate. Each one has a separate Property Information Number or PIN which allows you to buy and sell them / they are not fixed to that certain condo. We regularly will list parking spots and even lockers apart from the condo unit on the MLS. Depending on the building, the unit, and the selling strategy. Since it is re-sale, the price is negotiable - however remember that you can't just add the cost on your mortgage, you would need to pay cash. Typically we see spots selling for $24-35,000 depending on the building, location of the spot, and demand for parking. Lockers will typically sell anywhere from $4-7,000 per. 

That small square painted on the ground - Its never just as simple as it might seem. 

Questions about parking? Thinking of buying pre-construction or a condo in Ottawa? I would love to help you out. 

Need A Parking Spot? What To Expect!

If you purchased a condo in Ottawa with only one parking spot (or without any spot), and now need a second spot, there are a number of different ways to go about it.

Many developers place a limit on which units are able to purchase parking, and many buildings have much fewer parking to condo units. For those who need parking, it can add an additional and difficult check box to tick off when looking to buy. Often it can be easier to focus on which unit you want first, and then acquire parking after you close. For those who need parking, there are a number of different ways to get a parking spot. depending on if you need a shorter solution, or a more permanent one, you are able to rent or even buy a spot.

Renting

For many, renting a parking spot is the easiest way to acquire parking in the building. Renting makes it affordable, and less of a financial commitment. A parking spot can range from $80 to over $200 per month, per spot. There are many factors that can determine the cost of a spot in Ottawa such as the location of the building, which floor the spot is located on, distance to elevator, and if their are any fans or pipes that block part of the space. Supply and demand can also influence the price (more spots = lower price). Usually parking spots for rent can be found on notice boards, by asking security or concierge, or even  found in the building's facebook group. 

TIP: Often if you are able to pay up front for a longer period of time, you can get additional savings.

Buying

While not easy for many to do, the other option to acquire a parking spot is to purchase one. In order to do this, the building must have each unit, parking, and locker, registered under separate PINS. This allows each unit, parking, or locker to be sold separately. Typically cost is between $30,000 to $35,000 but depending on the building and location of the spot, the price does range. Keep in mind that it is open to negotiation, so if the seller really needs to sell, then you might get a good deal.

The main issue with buying the spot, is how you will have to pay for it. Essentially you need to pay cash for the parking spot, and most people do not have an extra $35,000 just laying around. If you are like most and do not have a large hidden supply of cash, or if your dream condo does not have a parking spot, you might still be in luck. PPPI Mortgages, or Purchase Price Plus Improvements is a product that will allow the bank to finance the purchase the parking spot into the mortgage, since it will improve the overall value of the unit. Keep in mind there are a number of regulations and rules, so speak to a mortgage broker if this interests you.

Things To Remember

While for many that work downtown, it might seem like a perfect solution to the parking problem to rent one of the available spots from a near by condo building. However, many (if not all) condo corporations have by-laws in place that restrict someone from owning, renting, or purchasing, if they do not reside in the building. So if you have a spot to rent or sell, remember that you will need to sell it so someone who lives in the building.

If you have any questions about parking, or Ottawa condos in general, I would love to chat. Click Here.