Single parking spot in Toronto hits the market for whopping $120,000

CTV Ottawa: Puzzle parking operating in Ottawa

TORONTO -

Prime parking in downtown Toronto comes at a price and it turns out that price can soar into the hundreds of thousands.

One parking spot, located at 197 Yonge Street in the Massey Tower building, is currently listed for $120,000.

Massey Tower features a fully automated, above-ground parking system, with 148 parking spaces over five parking floors.

The parking garage was built by 5by2 Parking, whose website says the garage operates “on the puzzle-system, not dissimilar in concept to a child's sliding tile puzzle.”

“It uses individually controlled sliding pallets to manoeuvre each car independently to create a flexible and highly efficient parking and retrieval solution.”

The company also boasts that there is minimal waiting time for the car to be retrieved, that the car and contents are entirely secure, with no risk of theft, and that the parking garage can also charge electric vehicles that are parked in the system.

Whoever purchases a parking spot in the building will be on the hook for $211 in monthly maintenance fees.

This listing isn’t an anomaly either. Another parking spot in the same building is listed on Realtor.ca for $118,000.