Most condo buildings include parking for tenants' cars, but these days, tenants are looking for more bicycle-friendly places to live, reports Canadian Real Estate Wealth.

As more cities begin to add bicycle lanes to major thoroughfares and the cost automobile ownership increases, renters and buyers are leaning towards car-free condo buildings.

Many Canadian developers are looking to get into this new niche market, especially as cycling culture gains momentum. The Calgary Municipal Land Corporation is currently on the fence about whether they will approve a plan for Canada’s first parking-free condo tower in the city’s East Village neighbourhood.

In Toronto, a similar project was developed by Trident Communities. The 318-unit building features only nine parking spaces. They are reserved for a car-sharing program with unit owners targeting young professionals and graduate students.

The Condo Chicks’ Erica Smith says that younger buyers are more inclined to purchase this type of condo unit, as the additional cost for a parking spot is usually quite expensive.

“Most buyers like the idea of having a parking spot even if they don't have a car,” she said in an interview. “Cars are more of an inconvenience in the city nowadays. We are seeing more space allocated for bicycles as it’s becoming the favoured method of transportation in the city.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: