Recently in the media, I read that a condominium community in the SoHo district of New York City is charging $1 million for a parking spot. Imagine that! The 10 underground spots cost $5,000 to $6,666 per square foot, which is more per square foot than the three-bedroom apartments above. Those suites will cost in the $8-to-$10 million range, or approximately $3,100 per square foot.
This brought to mind what I have said many times – Toronto is a world-class city, and condominiums here are a bargain by global standards. For a million dollars in our city, you can get a gorgeous, spacious suite in a prestigious area that includes a parking spot in the price.
In 2014 alone, our City received numerous high rankings in international surveys. KPMG ranked Toronto as the world’s most tax-competitive city; the Intelligent Community Forum named Toronto the 2014 Intelligent Community of the Year; Grosvenor Group ranked us the world’s most resilient city; and the Youthful Cities Index voted Toronto the most youthful of 25 cities around the world – to name but a few.
Toronto is home to spectacular cultural, entertainment, shopping, sports and arts-related venues, and our quality of life is the envy of people in other countries. In the midst of all of this, no one has to pay $1 million for a parking spot!