Can I buy another parking space in my condo?

I only have one parking space in my condo building. Can I buy another one?

The short answer is: maybe. Although you can find parking spaces for some buildings listed on Realtor.ca, it’s the legal description of the parking space — and the bylaws that govern the condominium corporation — that determine whether a parking space is an asset that can be bought or sold.

That means that although you and your neighbours may have the right to use parking spaces in the building, you may not actually own those spaces.

I’ve written about the importance of a condominium’s status certificate. It’s a document that you should obtain whenever you make an offer to purchase a condo.

The status certificate will spell out whether you own your parking space, or whether it’s a common element that belongs to the condo corp. that you are permitted to use.

Many condo owners assume that a parking space provided for their “exclusive use” belongs to them — but that may indicate that the ownership rests with the corporation.

Similarly, an “assigned use” parking space usually belongs to the corporation.

With that in mind, there are a few possibilities available for you to get your extra parking space: You may be able to buy another space (if one of your neighbours owns a space and is willing to sell), or you may be able to lease an extra space if one is available.

Everything I’ve said here applies to storage lockers, as well. Although, that being said, it seems like surplus storage lockers are less common — we all have items that we want to keep in our possession, but tucked out of the way. Parking spaces and storage lockers are desirable condominium elements. When you’re looking for a new home, it’s a good idea — before you make any commitments — to determine if the unit comes with enough parking and locker space to suit your needs.

If you’re looking to get another spot or locker, keep in mind what I said above. If you need guidance interpreting your status certificate, or understanding common element nuances — such as parking or lockers — seek expert advice.

Another resource for information about condo living will soon be available with the Condominium Authority of Ontario. CAO is expected to be in full operation later this year and will function as a new regulator offering services that protect and serve the condo community.

A real estate lawyer with experience in condominium transactions can also be very helpful. Joe Richer is registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real estate professionals in Ontario. Email questions to askjoe@reco.on.ca. Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/RECOhelps.