One of the biggest questions buyers face when purchasing a condo in Ottawa is whether to buy a parking spot. For some, it feels like a must-have. For others, especially those who work downtown or rely on public transit, it can seem like an unnecessary extra cost. The truth is, the answer depends on your lifestyle, your budget, and your long-term goals.
Here’s a breakdown of what you need to know before deciding whether to buy a parking space with your condo in Ottawa.
The Cost of Parking in Ottawa Condos
Parking isn’t free — in Ottawa, an underground parking spot can add anywhere from $30,000 to $60,000+ to the purchase price of a condo. Some premium downtown spots or EV-ready spaces can push even higher. On top of the purchase price, you’ll pay monthly maintenance fees that cover things like snow removal, lighting, and garage upkeep. These fees often add $40–$100 per month to your condo fees.
Resale Value: Does Parking Add ROI?
A parking spot can make your condo more attractive when you go to sell, particularly in neighbourhoods where parking is scarce. In the downtown core — Centretown, ByWard Market, Little Italy, Westboro — a spot can significantly widen your buyer pool. Buyers with cars often won’t even look at condos without parking.
However, in suburban condo communities or near major transit hubs, the resale impact may be less dramatic. Some buyers are willing to trade the parking space for lower overall costs.
Parking for Renters and Investors
If you’re buying as an investor, a parking space can be a strong asset. Tenants with cars will usually pay extra for a unit that includes a spot. In many Ottawa buildings, unused spots can also be rented out separately, creating a small but steady income stream.
On the other hand, if your target renters are students or young professionals in highly walkable areas, a parking space may not be as crucial.
Future Trends: EVs and Car-Light Living
Parking demand in Ottawa is changing. With more people relying on transit, biking, and ride-sharing, not every buyer sees parking as essential. But electric vehicles are on the rise, and not all condo garages are equipped with EV chargers. A parking spot that’s EV-ready (or can be converted) may become a major selling point in the years ahead.
Questions to Ask Before Deciding
How much will the parking spot cost now and monthly?
How common is parking in the building? If most units don’t have it, owning one could be an advantage.
What’s the neighbourhood like for transit and walkability?
Do you plan to keep or sell your condo within a few years?
Would your target buyer or renter want a spot?
The Bottom Line
Buying a parking spot with your Ottawa condo is less about today and more about tomorrow. If you own a car, the convenience is hard to beat. If you don’t, it may still be worth considering as a long-term investment that boosts resale value and flexibility.
Thinking about buying a condo in Ottawa?
Let’s talk about your needs, your lifestyle, and whether a parking spot makes sense for you. Reach out today and get expert guidance from Ottawa’s condo specialist.
