Types of Condo Parking: Titled, Leased & Assigned

Understanding Parking in Condominiums

Condo buyers, be diligent; if you’re in the market for a condominium, the three main parking types associated with this type of product are essential to understand before signing on the dotted line. That’s because the type of condo parking - titled, leased and assigned - could have a significant impact on your overall living experience.

With extensive knowledge and expertise in helping our clients buy and sell multi-family properties since 2004, we’re here to share the facts about different types of condo parking and what they may mean for you.

#1 - Titled/Owned Parking

“Titled” parking is often the best option to have as a potential condo buyer, as the parking stall is owned by the property seller. With this ownership, the stall has its own legal title, providing the owner exclusive access to the space and allowing it to transfer to others in the event that the condo is sold.

Important considerations for titled/owned condo parking:

a. You own the physical space and will have a title to it, same as your physical condo and is issued separately from your residential space.

b. The condo plan will have a labelled unit alongside a designated number for your titled parking stall and sometimes will be described as belonging to the unit itself. The stall is highlighted with a solid line on the condo plan.

c. Verify if the titled parking stall number corresponds to the correct space; double-check the condo plan and visit the stall in person to confirm

d. It is important to note that if assigned as part of the condo unit itself, the unit will be larger in square footage as it will also include the parking space. That’s because the registered size of a condo can include storage, balconies, and parking stalls, depending on the developer’s guidelines ^[1]

e. An owner can sell their condo but not the associated titled parking stall. Therefore, it becomes imperative that you carefully review the condo purchasing contract to ensure the stall is included. If you’re unsure about the contract, make sure to ask your professional REALTOR® or real estate lawyer for help!

#2 - Leased Parking

As the second most desired type of condo parking, “leased” can be almost as good as titled depending on your needs. There’s just a lease payment that has to be made, but no ownership or legal titles are involved. Leased parking isn’t all that common in Calgary condos, but it does exist, so make sure to check the condo plan or ask your REALTOR® for clarification.

There are essentially two types of “leased” parking in condos:

a. - Delineated lease parking: Can transfer when a condo is sold without any approval necessary from the board. To find out if a leased stall is delineated, you can examine the condo plan to see if there is any spaces outlined by broken lines and identified with a labelled capital letter (such as P1, P2, P3… P20, etc.). If you’re unsure about what the condo plan shows, don’t hesitate to ask your trusted real estate professional or condo document review company for assistance.

b. - Non-delineated lease parking:  Also highlighted in the condo plan, where parking stalls will be shown as common property and not highlighted with any numbers or have a distinct dotted-line around it. This means the parking lease is only valid while a person is the legal owner of the unit, giving them the right to use the stall. If they sell the unit, the lease for the parking stall ends and the buyer will have to renegotiate a new lease contract with the condominium corporation. Once again, if you are not sure, ask your real estate agent or other professionals for help.

#3 – Assigned Parking

Assigned parking is usually the least desirable type offered by a condo, as the condominium corporation owns these stalls and can be re-assigned by the board at any time. On the condo plan, these spaces are typically covered by a transparent white block with no lines differentiating them from others.

Important considerations for “assigned” condo parking:

a. - Assigned parking means that your stall isn’t guaranteed; it could change anytime if the condo board decides to move your assigned stall.

b. - In the case that you do have your parking re-assigned by the board, it’s usually because of the seniority pecking order. Longer-term residents may want your stall if it is closer to the elevator, for example, and ask the board for their turn to park in the space.

c. – If the location of an assigned stall is a deal breaker, then you may want to ask your REALTOR® about making it a condition on the purchasing contract to seek written confirmation from the board about where you’ll be parking.

d. – Without written confirmation on your future assigned stall, you’re at the whims of the condo board and what they see fit given residence seniority – often people who sit on the board themselves.

Outdoor Condo Parking

Outdoor parking comes with pros and cons. However, in colder climates, potential condo buyers often frown upon it. Having said that, there are some positives to parking outdoors, which is becoming increasingly popular for many new wood construction condominium builds.

Pros of Outdoor Condo Parking:

Convenience: In the spring or summer, you may have better access to your condo if parking ground-level outside versus in the underground parkade

Flood protection: In some older buildings, underground parkade flooding may be an issue if extreme weather events occur and the development doesn’t have proper drainage infrastructure or systems in place

Ventilation: Above-ground parking means you likely won’t encounter plumes of exhaust or other smells such as gasoline or oil

Cons of Outdoor Condo Parking:

Cold weather: Parking outside means you’re exposed to the elements; if you live in a place where winter gets below zero, this may be an uncomfortable form of parking, especially when transporting children to and from home

Security concerns: Parking outdoors means you’re not only exposed to the weather, but also to potential security risks from ill-intentioned people

Reduced resale value: Underground parking is often viewed as a premium feature of a potential condo unit, which may deter its resale appeal to potential buyers

Underground Condo Parking

Titled, heated, secure underground parking is often the most sought-after type in condominiums. In dense urban areas, it provides you with the utmost convenience, adding a level of comfort when coming and going from your condo unit.

Condo Visitor Parking

Visitor parking is essential when buying a condominium. Today, many older resale buildings have inadequate visitor parking, which can make having family or friends over a pain. Alternatively, many new condo developments offer dedicated visitor parking – either underground or outdoors – that loved ones can register for when visiting.

Understanding a potential condo’s visitor parking and how it relates to your lifestyle can have a big impact on your living experience. So, make sure to consider if a building has enough visitor parking for your needs.

Know Your Condo Parking Type

Knowing exactly what type of condo parking is associated with any potential purchase you make is a crucial part of making the best and most informed decisions. Part of this process is ensuring you have a thorough condo document review, where the third-party professional will highlight the type of parking your unit comes with (if any). This review will sometimes also highlight any parking restrictions or the availability of units to rent and/or buy.

So, do your due diligence and make sure to find a certified condo document company to help you with your transaction. These trained professionals will be able to identify any red flags and ensure you fully understand the parking situation for any development you come across.

SOURCES:

_{1 - https://www.reca.ca/2015/12/02/condominium-sizes/}