The Toronto City Council has removed minimum parking requirements for new residential developments.Toronto, ON — Tradespeople working on new residential developments won’t have to worry about parking anymore as the city is looking to amend its zoning bylaw. The City Council removed minimum parking requirements. The announcement has garnered support from the Residential Construction Council of Ontario (RESCON).
“Building underground parking spaces in Toronto is expensive and drives up the price of new housing developments because the cost is eventually passed on to buyers,” said Richard Lyall, president of RESCON. The regulations come as part of Toronto’s climate action strategy, TransformTO.
On Dec, 14, the council voted to remove most requirements for new residential developments to provide a minimum number of parking spaces. At the same time, limits on the maximum number of parking spaces that can be built in the city will be added. This will allow developers to build spaces based on market demand.
“Today, City Council took real action for a healthier, more sustainable city. This decision means that developers will no longer be required to build parking spaces that homebuyers don’t want, making it easier for residents who live without a car to purchase a home,” said John Tory, mayor of Toronto.
In addition, data shows that in new condo projects an average of 33 per cent of parking stalls were left unsold. One builder had 90 per cent of parking still available for sale as a building neared construction. The market price for parking stalls has risen as high as $165,000 in specific new residential building projects – up significantly from $80,000 to $100,000 in just three years ago.
The zoning bylaw encourages residents to use alternatives such as walking, cycling and taking transit, which lessens traffic congestion and creates space to improve conditions for pedestrians, cyclists and transit users.