What would you pay for a parking space? What about $1.3M?

If you’ve purchased a condo in recent years, you’ve likely had the sticker shock of the cost to add a parking space. Urban parking spaces in downtown Toronto routinely go for $30,000-100,000 — but those prices pale in comparison to a new record-setting parking space price of $1.3 million set in Hong Kong.

The now infamous parking spot sold in a high-end luxury development in The Peak residential area, in an area that overlooks Victoria Harbour. It goes without saying that this area is one of the city’s most affluent neighbourhoods. This parking spot price beats out the previous record of $980,000 set just three years ago.

Hong Kong is known to be an expensive city, largely because space is scarce  due to overcrowding. And so, whether you’re in the market for a living or parking space, you’re going to pay a premium. 

The city is one of the few places in the world where the pavement a car like the McLaren Senna sits on is valued higher than the vehicle itself. Just jaw dropping!

Used to renting and wonder if you can get a home in The Peak neighbourhood for a more reasonable price? Think again. Recently, a home in this area was rented at an astonishing $210,000 per month. Hopefully utilities are included.

A look at parking costs worldwide

Being in the valet parking industry, we at Gatsby Valet are always interested to know what parking rates look like in other cities. Here’s a snapshot of what you’ll pay to park in major city centres around the world:

New York City, USA: $20-100/day
Tokyo, Japan: +$1,000 yen/day (approx $11 CA)
Paris, France: +€20/day (approx $30 CA)
London, England: £42/day (approx $62 CA)
Sydney, Australia: Up to $77/day

For more reasonable rates, and a curbside experience that is sure to delight, watch for Gatsby Valet at select locations across the Greater Toronto Area.