As if the fact that burning fossil fuels is about to drastically alter our climate isn't enough to deter people from driving their cars around everywhere while they look at listings, parking is nearly impossible to find, especially in downtown Toronto. If you're looking at buying real estate in Toronto, but are concerned about where you're going to park your car, let us show you some of the options that would be available to you if you were to move here. Wait! What are fossil fuels?
Free With Building
To combat the growing parking crisis in Toronto, many condo and apartment buildings are constructing their own parking lots or underground garages for the sole use of residents and their visitors. In fact, finding a unit that comes with its own parking space is one of the top requests made of Toronto real estate brokers by buyers looking at Toronto property. Most detached homes in Toronto come with driveways and/or garages, while garages and parking are usually only available in newer town houses, condo towers, and apartment buildings.
Rent a Space
Businesses have capitalized on the parking shortage by building commercial fee-based parking lots. Many allow you to take any available space whenever you like, while others rent out individual spaces to owners who drive their Hummers to work in the financial district. Going this route guarantees you a parking spot, but it will cost you for the convenience - probably several hundred dollars a month. Even the cheapest lots in the city charge upwards of $10 per day for a space.
Take Your Chances
Despite the difficulty in finding parking space in Toronto and downtown Mississauga, many city residents opt to eschew the added expense of finding a building with parking or paying for a spot in a commercial lot. Instead, they're willing to drive around the neighborhood looking for a spot. Be aware that if you intend to do this you're not only wasting extra time and gas, but you're also sure to get a ticket unless you get a temporary parking pass or a residential parking permit from the city. This is in addition to paying for meters.
Take Public Transit
To avoid the whole parking issue entirely, look at homes that are near the bus routes and take public transit to work. The combination of VIA Rail's GO transit system and Toronto Transit Corporation's buses, streetcars, and subways cover nearly everywhere in the city you could want to go. It's $3 per ride (transfers included) if you're traveling piecemeal, or you can buy an unlimited monthly pass. Discounts are available for children, seniors, students, and yearly subscribers.
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