Renters want bicycles, not Bentleys

by Grainne Burns20 Mar 2014

With more citiy councils investing in cycle lanes and the cost of owning and running a car increases, renters and buyers will choose car-free condo towers.
That is the thought of developers who are trying to tap into this new niche market. The Calgary Municipal Land Corporation is currently deciding whether to approve a plan for Canada’s first no-parking condominium tower in the East Village district.

A similar project was rolled out in downtown Toronto by Trident Communities, offering only nine parking spaces for a 318-unit building. The spaces are reserved for a car-sharing program with unit owners targeting young professionals and graduate students.

Speaking to CREW, Erica Smith from the Condo Chicks says younger buyers are opting for this type of unit as the extra price point for a parking spot is often out of their reach.
“Most buyers like the idea of having a parking spot even if they don't have a car,” she says. “Cars are more of an inconvenience in the city nowadays. We are seeing more space allocates for bicycles as its becoming the favoured method of transportation in the city.”

Vancouver city planners are reportdely also moving towards zoning that would allow condo towers to be built without parking stalls.

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