When a listing says a loft "comes with parking", that can mean two quite different things in law. Which one applies is set by the building's declaration and description under the Condominium Act, 1998.
A separate unit
The Act defines a unit as a part of the property designated as a unit by the description. In many Toronto buildings, parking spaces and lockers are designated as units of their own. Each then has its own legal description and its own share of common expenses, and it is conveyed as part of the sale.
- It must be included in the agreement of purchase and sale by its unit and level number.
- It is part of the price on which land transfer taxes are calculated.
- The declaration may restrict who can own one, for example only owners of residential units in the same building. Your lawyer checks this.
- The City lists parking spaces and condominium lockers among properties that do not need a Vacant Home Tax declaration.
An exclusive-use common element
In other buildings the space is a common element, owned by all owners together, with the exclusive right to use it attached to a particular unit by the declaration. It cannot normally be sold separately, and the corporation's rules govern it.
Why it comes up in lofts
Older conversions sometimes have limited parking, assigned in ways that differ from building to building, and occasionally by licence or rental arrangements rather than title. Before relying on parking or storage that a seller describes, ask for the unit numbers, or the declaration clause, and have your lawyer confirm it against the status certificate and title.