In the past the number of parking spaces in most new residential condominiums was at least equal to the number of residential units. Residential units with parking spaces were believed to be more marketable than units without parking. With the proliferation of condominium projects in the urban core of many cities, the need for and desirability of parking spaces has been changing and developers have been responding to those changes. Many purchasers in condominiums that are located in “walkable” neighbourhoods or that are conveniently located close to public transportation are opting not to purchase parking units. Developers have responded to this shift by building condominium projects with more residential units than parking spaces. (Building fewer parking spaces also saves developers time and money in the construction of the condominium project.) Developers are also providing parking spaces that are specifically designated for vehicles owned by a car-sharing service. Participants in car-sharing programs don’t have to pay for a parking unit and only pay for the use of a car when they actually use a car. While some people are choosing to forego a car, others are opting to purchase an electric vehicle. In a prior blog posting we considered the infrastructure and cost challenges that existing condominiums face to accommodate electric vehicles and the necessary vehicle charging stations. On the other hand, many new construction condominiums are being built with vehicle charging stations and in some cases, the ability to add additional charging stations as electric cars become more prolific. The Toronto Sun recently reported that one developer is offering for sale condominium parking units equipped with vehicle parking stations and as an incentive for purchasers, the developer is offering a free electric vehicle to the first twenty purchasers who also buy a parking unit equipped with a vehicle charging station. This developer found that in its other projects not many people were interested in parking units with charging stations – so it needed to make the purchase of these units more appealing. As electric vehicles become more prevalent, we expect that more new condominiums will be constructed with auto-charging stations for residents. The manner in which this service is provided and how residents pay for use of the charging stations will no doubt evolve over time so that the service will be available to those who want it, without imposing any financial burden on the other residents of the condominium.
