Is there such a thing as having too many parking spaces? If you’re a Vancouver condo developer, the answer is yes. According to an article in the Vancouver Sun, reducing condo parking spaces is becoming the norm for the city’s developers.
In the article, writer Randy Shore reports that a new downtown condo has 112 units but only 13 parking stalls. At first glance, this doesn’t seem like a good thing. Doesn’t every resident want a parking spot?
Michael Braun, marketing manager for Westbank says that, “A lot of the people buying here weren’t interested in any form of vehicle ownership or use.”
Braun’s comments are echoed by City Councillor Geoff Meggs who says, “Parking is very expensive to build and cars are very expensive to own and people are looking for opportunities to get away from driving whenever they can.”
In short, Vancouverites seem to be less interested in car ownership and this means they are less interested in parking stalls.
According to the article, Metro Vancouver will consider a report that urges a reduction in the number of parking spaces required in condos and rental buildings which are located close to transit. A study which looked at 1,500 apartment households and 80 buildings in Metro Vancouver found that thousands of parking stalls in Vancouver remain unused.
For developers, the demand for fewer parking spots could be good news. The report noted that the cost of parking stalls can be up to 10 per cent of the cost of the building. The money saved could be used for other amenities.
We don’t know about you, but we’ll be keeping one eye on this Vancouver trend (while keeping our other eye on our parking spot).