Condo corporations in Calgary, AB can offer parking to their owners in 3 different ways: Titled, Leased or Assigned. The biggest differences of these 3 are who owns the land and for how long. Watch my video for an explanation and for a bonus story of a real condo owner in Calgary facing issues with their parking.
A titled parking stall means that you own that land whether it's in the parkade or a stall above ground. This form of parking guarantees you that stall until you decide to sell. The parking stall can be included in the same title as the dwelling OR it can have a completely separate title altogether. If you own a parking stall with a separate title it can be sold by itself to a buyer.
New apartment complexes in Calgary are selling above ground parking stalls for roughly $10,000 and underground stalls at $20,000.
Leased parking stalls are a form of parking where the condo corporation owns the stall. They allow owners of the building to park in the stall for a fixed amount of time. The most common lease agreements I've seen are 99 year agreements with a $0/monthly payment.
Assigned parking stalls are a form of parking where the condo corporation owns the stall. The difference between leased and assigned is often there are no agreements of the amount of time the stall belongs to the owner. In theory (Although unlikely) the condo management company has the power to re-assign parking stalls.
Titled parking seems to be the clear winner as it guarantees ownership of the stalls. That said, I'm not scaring you away from purchasing a property that does not have titled parking. At the end of the day you'll fall in love with the property first and think about the form of parking ownership second. If this is an important part of making your decision I am able to help filter buildings with / without titled parking for you!
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