Toronto's 5 most expensive parking spots all found in two condos

Parking comes at a premium in downtown Toronto, and many spots selling in constrained locations in the core have been known to sell for stratospheric prices.

Having a car in the city centre can be a costly luxury, especially in some of the most sought-after new developments in built-out areas with scarce on-street parking.

As of early March, all five of the city's most expensive parking spots for sale can be found within two new buildings, with staggering prices as high as $139,000.

Traditionally, the highest-priced parking spots in Toronto have been found within ultra-luxury condominiums, though the current list of the most expensive parking in the city appears to come down purely to demand.

The recently built Waterworks Building on Richmond Street — a condo building that houses a new food hall within a restored Art Deco water facility — currently has the most expensive and third-most expensive (tied) parking spots in Toronto.

Another new condo at 55 Mercer Street is home to the second, third (tied) and fifth most expensive parking spots in the city.

Here are the most expensive parking spots in Toronto right now.

$139,990 
Waterworks Building - 505 Richmond Street West

The most expensive spot in Toronto might be just a bit too pricey, as it has sat on the market for 185 days as of writing.

$135,000 
55 Mercer Street

Toronto's second most expensive parking spot has idled on the market for 169 days with no takers.

$130,000
55 Mercer Street

After 100 days on the market, one of the two spots tied for Toronto's third priciest remains available.

$130,000
Waterworks Building - 505 Richmond Street West

The other third-most expensive parking spot in the city has sat unclaimed for 108 days.

$99,000
55 Mercer Street

The last spot on this list has a steep price drop compared to the others mentioned. It has only been on the market for a little over three weeks, so it might get scooped up soon.

As expensive as these spots are, they are still a far cry from some of the most costly ever listed in the city, as prices for spaces have soared upwards of $175,000 in the past — more than entire homes cost in much of the world.

In fact, even if you don't buy or lease a pricey parking spot, Toronto was recently found to have some of the steepest on-street parking rates in the world.

A 2024 study from car rental website DiscoverCars.com assessed hourly parking rates and parking ticket amounts all over the globe to form rankings of the locales with the highest-priced parking.

Toronto ranked ninth on that list, tied with Dublin and following Amsterdam, Chicago, London, Copenhagen, Seattle, Sydney, Edinburgh and Barcelona.

The city was the only Canadian place listed in an index that was otherwise dominated by European metropolises.