The minimum size of a parking space in Toronto is 2.6 m wide x 5.6 m long. (It can change based on other factors, but this is all you need to know for today's post.) This works out to 14.56 square meters or ~157 square feet in area for a typical spot.

Building a parking space of this size in an underground or structured parking garage is very expensive. I have seen the former cost over $200k per space once you include everything else that goes along with building below-grade parking.

However, this opinion piece reminded me that if you'd like to rent an equivalent area on the streets of Toronto, you can do that for a lot less. If it's your first vehicle permit and you have no on-site parking where you live, the 2024 cost is $22.19 (plus HST) per month.

That works out to a monthly land rent of approximately $0.14 per square foot.