Toronto Car Thefts Have Increased Home Buyers’ Drive for Garages
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An “epidemic” of car thefts in Toronto is making garages an even more prized commodity—and some luxury home buyers are avoiding neighborhoods where secure parking is scarce, according to local agents.
A car was stolen every 40 minutes in Canada’s largest city last year, police chief Myron Demkiw told a government meeting earlier this month, with losses totaling nearly C$800 million (US$590 million). There have also been 68 carjackings so far in 2024, the chief said, a 106% increase over the same period last year.
In affluent downtown neighborhoods like the Annex, “a lot of homes are more than a century old and were designed without garages or dedicated parking,” said Christopher Bibby, a broker with Re/Max Hallmark/Bibby Group Realty. “Would a buyer change a home-purchase decision because of a garage? If they’re really concerned about a high-end vehicle, they’ll most likely focus on a neighborhood further uptown with an enclosure for cars.”
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A car was stolen every 40 minutes in Canada’s largest city last year, police chief Myron Demkiw told a government meeting earlier this month, with losses totaling nearly C$800 million (US$590 million). There have also been 68 carjackings so far in 2024, the chief said, a 106% increase over the same period last year.
In affluent downtown neighborhoods like the Annex, “a lot of homes are more than a century old and were designed without garages or dedicated parking,” said Christopher Bibby, a broker with Re/Max Hallmark/Bibby Group Realty. “Would a buyer change a home-purchase decision because of a garage? If they’re really concerned about a high-end vehicle, they’ll most likely focus on a neighborhood further uptown with an enclosure for cars.”
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