We have many costs in a big city, the inescapable one is parking.
Finding it is one thing, paying for it is another thing.
In Canada, for employees parking at the office could be deemed a taxable benefit by the Canada Revenue Agency (CRA) as was recently the case with police officers – who received such notices.
Executives working for corporations in the center of towns where parking is always at a premium, the taxable benefit is added to their T 4 taxation / payroll slips.
If we think we can get away from paid parking, and at times we think we can by finding a spot on a side street or in front of the Starbucks coffee shop ( even for 5 minutes ) and we are not lucky as my recent experience indicates. As I walked out of the coffee shop with my beverage, there on my windshield was a bright canary yellow ticket. The coffee was $3.95 plus taxes, the ticket was $ 60 the experience was expensive and lesson learned – will not park there again.
Parking, daily parking and daily ticketing on city streets is a great and needed source of revenue for the city. There is never enough of it and it will be getting worst in growing cities.
Question and the Decision we are challenged with is whether we should consider buying a parking spot ?
Is it a good investment, how does it compare ?
How has it performed against other investments over time ?
The following is an interesting survey of worldwide parking rates :
Parking Rates Worldwide
company) did an international
survey on the cost of car parking.
The results are presented in the chart below, which shows the
monthly parking rates. (via The
Drunkeynesian)
attention:
-
Prices that
are too low (in my almighty opinion of course): Bangkok , Delhi,
Jakarta,Mumbai, Buenos Aires, Rio de Janeiro, Los Angeles, Seoul, São Paulo, San
Diego, Santiago, Beijing, Mexico City, Istanbul and Atlanta. - Prices that
are too high: _________.
Rates Worldwide* (USD)
enlarge the image]
median rates.
When your clients buy that new condo from you, and ask you whether they should also buy a parking spot underground, think about the above numbers and questions.
Twitter : EnvoyCapRealty
Envoy Capitol Realty Inc., brokerage Toronto / Canada
Buy, Sell, Lease, Consult, Develop, Manage, Syndicate — Investments
Blog : www.capitalmoves.blogspot.com
Not meant to provide legal, accounting , tax ,engineering or environmental advise. It is recommended that expert advise in the areas of your concern be obtained
before proceeding with action. Real Estate is local and therefore local expertise should be sought. The above is provided as a public service and for discussion purposes only.
Govern yourself accordingly.
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