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For sale: A $45,000 parking spot in Vancouver
Published Tuesday, July 28, 2015 7:28AM EDT Last Updated Tuesday, July 28, 2015 7:56AM EDT
Pricey homes are the norm in Vancouver but one entrepreneurial owner is looking to sell a very different piece of property.
Instead of an expensive condo or home, one owner has listed a parking spot for sale for a cool $45,000.
A listing on Realtor.ca says the spot is in a commercial parking lot located near Rogers Arena, where the Vancouver Canucks play, and measures 145 square feet.
"I'm not surprised parking lots are for sale," said Andrey Pavlov, a professor at Simon Fraser University's Beedie School of Business. "I'm a little bit surprised by the price…I think it's clearly way above construction costs."
In British Columbia, strata housing operates as a form of building management. People who live in strata housing pay fees to help upkeep the apartment complex and vote on rules for tenants to abide by.
Pavlov says if the parking spot is purchased, he can see other stratas selling parking spots to make money for building improvements.
Vancouver realtors say neither the listing nor pricing is surprising, considering the demand for parking across the city.
"It's very common. The cost of parking in Vancouver has gone up based on the scarcity of parking. We find there's a resale market in parking but…only if you own in the building," said Richard Collins, general manager of Prompton Real Estate Services which has listed the spot.
Normally, you have to be an owner and part of the building's strata to use a parking spot.
However, Collins says it's perfectly within certain forms of ownership to sell your parking spot.
In lots of new apartments, the building's strata owns the actual parking spot and can determine the owner.
The size of the spot as well as simple luxuries like being closer to the exit can all impact the price.
The price tag may seem a bit steep but Collins says he's seen luxury parking spots go for double the price.
Whoever eventually purchases the parking spot will have to pay separate maintenance fees and taxes.