Condo Parking and Lockers: What to Know

When purchasing a condominium unit, there are different ways parking and storage can be issued, if included in the sale: owned, exclusive use or assigned.

Most often, the parking space and locker tied to the unit are owned. If either are separately titled, you are typically permitted to sell the space and/or storage area to another owner in the building at fair market value.

Exclusive use means you can use the designated parking space and/or locker for as long as you own the unit, subject to any restrictions in the condo corporation’s governing documents. However, you do not hold legal title; the condo corporation is the rightful owner as the parking space and/or locker are part of the common elements. A condo unit with an exclusive use parking space and/or locker will sell for less than one with an owned spot and/or storage area.

A parking space and/or locker that is assigned is less common, at least in Toronto. Similar to exclusive use, the condo corporation is the owner. Where the two differ is that with assigned spaces/lockers, the condo corporation allocates them to unit owners on a discretionary basis.