Why Parking and Storage Assignment is so Important

Parking and storage are often key considerations when it comes to strata living. Because of that, we’re looking at the different ways parking and storage can be designated within a strata corporation.

1. Why are Parking and Storage designations important?

 It’s important to understand and be able to describe these concepts to consumers, as the rights they have to parking and storage can often impact their purchase decisions.

While buildings that were built in the 90s or earlier often came with more parking stalls and storage lockers than units, today we’re seeing many new strata developments that have less parking stalls and storage lockers than units, making these components that much more important and valuable.

2. Where can I find information about the Parking and Storage?

You can find information about a strata lot’s parking and storage on the Form B. It’s important to also verify this information on the Strata Plan or Parking Plan filed with the Land Title Office. We’ve come across many Form Bs that provided incorrect information.

3. What are the different ways Parking and Storage can be designated?

When it comes to parking stalls and storage lockers, there are 5 ways you’ll typically see them designated:

• Forms Part of the Strata Lot - Often found in townhouses.

• Common Property - The strata council grants permission to use a spot on a yearly basis, and while uncommon (especially if there are enough spots for each unit) can change or take the spot away.

• Limited Common Property of a Strata Lot - The owner has exclusive use of a specific spot, and the designation can only be changed if the owners pass a unanimous resolution.

• Limited Common Property for a Group of Strata Lots - Often found in sectioned stratas; the council or section executive grant permission to use a spot on a yearly basis and (like with a common property spot) can change or take the spot away.

• Owner Developer Assignment (aka. Long Term Lease) - The parking and/or storage are subject to a long term lease associated with the strata lot; a copy of the master lease and assignment document(s) should be obtained from the sellers, as the strata corporation doesn’t usually get or retain copies.