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A parking spot on the market in Toronto is listed for nearly $200K

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Housing costs in Toronto hold going up, nevertheless it’s not simply properties which have turn into dearer.

Jim Chuong, an actual property investor, shocked folks on Twitter when he posted an advert for a parking house that’s being supplied on the market for $179,900 within the Polo Membership II rental constructing in downtown Toronto.

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The supply is framed as a “as soon as in a lifetime alternative,” combining a parking house with a non-public locker that’s one among solely three current in that constructing. The rental south of Bay and Bloor is described as being in a major location, near the College of Toronto campus and Eaton Centre.

Moreover the excessive value of shopping for the spot, it additionally requires a $94.90 month-to-month upkeep payment. Property taxes are listed as $300 per 12 months.

Whereas some joked within the feedback about residing within the parking house as a substitute of on the lookout for a rental, others identified that this car parking zone spot is more expensive than some homes in different Canadian cities.

Even Ontario has some condos obtainable for lower than $200,000.

Parking spots in downtown Toronto are removed from being low cost, promoting for a median of $30,000, in keeping with Actual Property Agent Melissa Emond. However this spot is sort of 5 instances that. A 700-square-foot rental in the identical constructing is in the marketplace for $649,900.

The Metropolis of Toronto has seen a considerable improve in housing costs and a subsequent affordability difficulty.

Final 12 months, the Monetary Put up reported that over 85 per cent of a Toronto family’s revenue is directed in direction of housing. Costs have gone up following the COVID-19 pandemic, sudden rate of interest hikes, and amid rising inflation.

The town can be underneath strain to construct extra housing. Premier Doug Ford established a objective of 285,000 new properties within the metropolis by 2031.