Vancouver parking space selling for $45,000

WATCH: A commercial parking spot is for sale in Yaletown for $45,000. Is that too much to pay–or a bargain? Elaine Yong reports.

Vancouver real estate is expensive, even if it’s just a few square feet in a parking lot.

Someone is selling a commercial parking space in Yaletown for $45,000. The strata-titled 145-square-foot parking spot is at Pacific Boulevard and Davie Street and is likely tied to one of the businesses in the building.

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Despite the hype, the reality is there are actually fewer people needing parking downtown.

“You’ve got more people taking transit. You’ve got people who live downtown who when they go to work, they walk or take a bike. And then you’ve got people who aren’t owning cars,” said Tsur Somerville, director for the Centre for Urban Economics and Real Estate at UBC.

Still, Somerville says the price for the parking space may not be as bad as you might think. The $45,000 spot works out to about $200 per month, a price that isn’t too far out of line with market prices.

“Forty-five thousand is actually pretty cheap,” said Somerville. “If you sort of work backward and say ‘what’s the monthly rent for parking downtown’, then $45,000 is actually pretty inexpensive.”

-With files from Elaine Yong