Toronto City Council has put forth a new parking space requirement policy for new condo development projects in Toronto
Climate change and changing habits of the urban residents have made it easier for the Toronto City Council to decide whether a minimum parking area for the new development projects is a good idea.
With a decrease in available parking spaces for luxury Toronto Condos, fewer vehicles will belong to residents in the city. Therefore, fewer vehicles will cause less traffic on roads and noise pollution. Ultimately, the goal of the parking space requirement is to contribute to the environment's well-being.
Along with the benefits mentioned above, the parking space policy also opens the door for other transit options like cycling, walking, and more. Condo parking in Toronto is expensive. So, minimum parking will also make luxury condo development projects more affordable.
Years ago, condo developers had to bear the cost of a below-grade parking stall, which was approximately $80,000 to $100,000. Today the price for the parking stall is much higher, roughly $165,000. The size of condo parking depends on the location of the new Toronto condos for sale and unit size. According to the Residential Construction Council of Ontario, 33% of new Toronto lofts were not sold because of the high price.
How Is This Policy Affecting Torontonians?
Many people opposed this new Toronto parking policy as it encouraged the citizens to use other transportation methods such as cycling and walking over vehicles to get around the city. But Torontonians cannot follow such drastic changes in the mode of transit in their daily life.
Business owners and residents raised concerns over the lack of parking to the planning committee. According to them, people had started parking on the streets. Further, it made it more congested for the regular traffic to move smoothly. It also highlights the changing styles of travellers who now try different driving alternatives.
The committee has seen this policy as a middle-way solution. It encourages the developers to build parking spaces for new development projects and Downtown Toronto condos for rent where it is necessary. The policy helps build the balance between too much and too few parking spaces. Moreover, it ensures that new Condo developers will not focus on offering spaces that the residents would not need.
The City Council focuses on building a healthier and more sustainable city. Mandating this Toronto Condo parking policy was necessary from an environmental and health point of view by enhancing ecological sustainability by reducing greenhouse gas emissions, building a healthier community by focusing more on other modes of transit, and improving the lifestyle of the residents.
Toronto Condo Team is a professional organization in the real-estate domain and offers the best property deals for investors. From buying to selling or investing, the team helps you with end-to-end details of the condo.
Post a comment