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When buying a condo, parking costs are often an overlooked expense that can significantly impact your budget. Whether you're a first-time buyer or looking to downsize, it’s essential to factor in this added cost, especially as Victoria’s urban landscape evolves with fewer parking spots per unit.
Victoria’s City Council has recently approved several new buildings with minimal or no parking, reflecting a trend across North America to boost housing affordability and promote sustainable, active transportation. With city planning shifting toward a more walkable, transit-friendly model, parking spaces are becoming less standard in new developments.
The City of Victoria has the highest active transportation rate in the country at over 18% of residents cycling or walking to work!
Newer condos tend to have even less parking. For example, an average one-bedroom unit built before 2000 includes around 0.8 parking spots, while those built after 2000 offer closer to 0.7 spots. This shift aligns with the city’s efforts to reduce dependency on cars and encourage more sustainable transportation options.
Most real estate professionals estimate a parking spot at around $50,000, but is that estimate still accurate? To find out, House Hunt Victoria blog analyzed data from over 1,100 condo sales across Victoria in the past two years. Here’s what House Hunt Victoria discovered:
Interestingly, there’s a link between parking availability and unit size. The average one-bedroom condo without parkingis around 548 square feet, compared to 654 square feet for those with one spot. Similarly, condos with two parking spots average around 1,189 square feet, compared to 1,026 square feet for those with just one. This trend suggests that larger units are more likely to include additional parking spots.
To pinpoint the value of a parking spot, we ran a regression analysis accounting for unit size and year built. The findings by House Hunt Victoria's excellent analysis indicate that a parking spot adds $46,540 to a condo’s value on average, confirming that the long-standing estimate of $50,000 remains accurate.
As new developments offer less parking, they’re likely to attract residents who rely on transit, cycling, or walking. This shift could make parking more efficient by concentrating it where it’s needed most and improving housing availability and affordability overall. However, with land prices on the rise, the cost of parking is likely to increase over time.
Perhaps EV stalls will be able to command a premium as we transition to electric vehicles. Greater Victoria has the highest adoption rate of electric vehicles in the country.approximately One in five vehicles sold in BC is electric, which is the highest per capita rate in Canada. This trend is expected to continue as EV infrastructure grows and more affordable models become available, making EV ownership more accessible.
If you're considering buying a condo in Victoria, take a moment to evaluate your need for parking. A dedicated parking spot may add convenience but also carries a significant cost. Consider your lifestyle, commuting needs, and the availability of alternative transportation options as you decide.
Dustin Miller is the managing broker of 8X Real Estate. When he's not on the road, he is on his computer looking at real estate. You can often find Dustin at his office enjoying a bowl of won-ton soup.
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