Condos can have a few different parking arrangements. Legally speaking, condominium parking stalls can either be assigned, titled or leased. This definitions differs from the physical characteristics of parking, also known as parking types.
This seems to be the most common arrangement for parking for older buildings. Most older buildings only have one parking stall for each unit owner. This method means that the condominium corporation owns the parking stalls and the condo board could reorder at any time for any reason. This means that whereas you may be entitled to a parking spot, it is possible (although likely rare) that the spot could be changed. It is also possible to have multiple parking stalls assigned to a unit owner and for some units to have more stalls than other owners in the building. For example, I sold a condo in Queen Alexandra that had two parking stalls, but most other units only had one. For this particular building, the condo board had decided that the larger units should have more parking than the smaller units. This added considerable value to the larger units.
Newer condo buildings typically have titled parking. That means that the parking stall is the property of the owner and not the corporation. Each parking stall is a legal unit with a certain number of unit factors. So, you might ask “why does my parking stall have a title?” Well, those unit factors determine how much extra in condo fees are charged for the units. This allows the condo corporation to charge higher condo fees for owners who have more parking space.
Titled parking stalls in Edmonton can be sold for as much as $10,000 each. To mortgage a stall like this would be the equivalent of renting for 25 years at about $50/month – not that bad depending on where you live in Edmonton. Before you rush out and buy a parking stall downtown, remember that there are restrictions for who uses a parking stall in a condo. Even though they are not common property like assigned or leased stalls, titled parking stalls may have restrictions on how they are used and sold. Typically the stall owner must own a unit in the building to have permission to park there.
If you are looking for a titled parking stall to buy, check out Condo Parking Stalls For Sale In Edmonton.
If you had an older building this might be how the condo bylaws would arrange parking. I have never seen leased parking for a condominium, but it would a way to organize parking for condo owners if there wasn’t enough parking for each unit. If there weren’t enough stalls for everyone, parking would be determined by the price of parking. The demand for parking would dictate the price and who would be willing (or able) to pay for that parking. Another arrangement might be based on need – perhaps those unit owners who have mobility issues would get first dibs on certain parking stalls.
If a condominium corporation owned some of the titled stalls in a building, the arrangements for parking could resemble a combination of assigned, leased or titled stalls.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com