"Cost of excavation, cost of construction, all your infrastructure's underground — all of those things combined and obviously the demand for parking space on the peninsula is very high," he said
The demand for real estate is growing so much on peninsular Halifax that an 8-by-16 foot parking space will run you more than $30,000.
A real estate listing on Wellington Street in the city's south end posted on the website Viewpoint has a parking space listed for $29,900. That doesn't include the condo fees for the spot, which are $67 per month.
Across the street, realtor Larry Allen is selling condos in the Gorsebrook Park development, which is under construction. Parking spaces are sold separately for an additional $36,000. He said 80 per cent of the spots have been sold to condo purchasers.
"If they do choose to buy parking it is deeded, so it is an appreciating asset. So they could sell it to others in the building, they could rent it or they could keep it for their own use and sell it when they sell their unit," he said.