Toronto's getting a new 'condominium for cars'

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Is your garage no longer enough, and your prized ride is due for something better? A Toronto real estate brokerage may have the answer for you: it’s building a “condo for cars.”

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Storing a prized collectible vehicle is nothing new — there are all kinds of options out there, from store-it-yourself units, to facilities that will look after the car’s needs when it’s put away, and are so secure that they don’t even reveal their location unless you’re a client.

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Toronto's getting a new 'condominium for cars' Back to video

The difference with this option, developed by Toronto-based real estate firm Metropolitan Commercial Realty and its internal “ToyBx” team, is that you’ll be able to buy your car’s unit, rather than just rent it.

The building is at 20 Towns Road in Etobicoke, near Highway 427 in the city’s southwest end of Etobicoke. The three-storey existing building will have a fourth floor added to it, along with two car elevators. The planned 234 units will come in various sizes, with the largest able to hold eight cars, and be self-contained and secure. Of those units, 39 will be “penthouse” units on the upper floor, with views of the lake and city.

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Buyers will be able to have their units customized to their liking, including lighting, cabinetry, electric vehicle chargers, and even dehumidifiers to keep the vehicles safe from excess moisture. Prices haven’t been announced yet, but in a city where just a parking spot in a traditional condominium building can start at $50,000, it’s not going to be cheap. It’s expected the building’s clients will park their first cars in 2023.

It’s not without its controversy, either. Several housing advocates have argued that a “car condo” structure could be better purposed as affordable housing, and also runs the risk of increasing housing prices in an already expensive city.  But it appears at least one other similar car unit is already being planned by another builder for the city’s east side — and with luxury vehicles enjoying strong sales, it likely won’t be the last.