Condos can have a few different kinds of parking arrangements. Legally, parking can either be assigned, titled or leased. These differ from the physical characteristics of parking or the parking types you can have for real estate in general.
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, which is as fair as it gets. The difference between this method and titled parking stalls is that a condo board could reorder for any reason. That means that whereas you may be entitled to a parking spot, it is possible (although likely rare) that the spot could be moved. It is possible to have multiple assigned parking stalls for a unit and for some units to have more units than others. For example I sold a condo in Queen Alexandra that had two parking stalls, but most other units only had one. This is a tricky situation because it is possible that that extra parking stall could be taken away from the condo owner because it is not a titled stall. Assigned parking stalls are part of the common property of the condominium corporation.
So, you might ask “why does my parking stall have a title?” Newer condo buildings typically have titled parking. That means that each parking stall is a legal unit with a certain number of unit factors. Those factors determine how much extra condo fees are paid for the units. This is fair because it allows the condo board to charge higher condo fees for owners who have more parking stalls. Titled parking stalls are the property of the owner. They may have restrictions on how they are used and sold, but they are not common property like assigned or leased stalls are. 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. 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.
I have never seen leased parking for a condominium, but it would how parking would be arranged for condo owners if there wasn’t enough parking for each unit to at lease have one parking space. Ostensibly, if you had an older building this might be the method the condo bylaws and condo board would decide to use for parking. Since not everyone could have a spot, whomever would get parking would be determined by the price of parking – much like it would be in an apartment building owned by an investor. The more demand there was for parking would determine the price and the price would affect who would be willing (or able) to pay for that parking. Another arrangement could be based on need – perhaps those unit owners who have mobility issues would get first dibs on parking.
It is possible that some parking stalls are owned by the condominium corporation and can be assigned or leased and some are titled. This might be a reasonable arrangement for handicapped parking stalls.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com