Small may be the way to go ……. micro condos

By
Real Estate Agent with RE/MAX Condos Plus Corporation, Brokerage

Small may be the way to go ……. micro condos

 

As more single people are wanting to own homes; and higher prices make cities like Toronto, ON unaffordable for single income or low income buyers, small may be the answer.

 

Also, investors are seeing it as an opportunity to buy small condos and rent it out to young professionals who move to the ‘big city’, Toronto ON in search of jobs. Young people spend most of their day time at work, and evenings socialising and are happy to come home to a small livable space that they call home.

 

Builders are hoping that the above reasons are going to give ‘micro-condos’ a boom.

 

Since mortgages are not readily available for condos that are less than 500 square feet, this market in micro-condos maybe limited to cash buyers.

 

Toronto, ON

 

In Toronto, ON there are nearly 3000 micro condos under construction and are expected to be completed in 2015. If these units are snatched-up; it will encourage builders to build more, to satisfy demand.

 

Time will tell.

 

 

 

 

Posted by

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Real Estate Agent serving clients for the Toronto Downtown and Toronto Waterfront Area.

Residential and Investment Properties.

Rosalind Nicholas, ACCA,SRS,REALTOR®

e-mail:   Rnicholas@trebnet.com     Tel: 416 918 1972

RE/MAX Condos Plus Corporation, Brokerage, Toronto, ON, Canada.

http://www.youtube.com/watch?v=PMuLzqLe72M&feature=youtu.be

 

 

Comments (4)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Rosalind - Those are very small condos, but convince and less maintenance.

Feb 10, 2015 12:50 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Rosalind, sounds like a new trend starting in Toronto.  Think those living in NYC have been doing this for years. 

Feb 10, 2015 10:07 PM
Rosalind Nicholas
RE/MAX Condos Plus Corporation, Brokerage - Toronto, ON
Toronto Condo Real Estate Agent, Toronto ON

Yes John it is less maintenance, work-wise ....... keeping it clean etc; and also as the monthly maintenance fee is charged on a square footage basis, the cost is less, as well.

Feb 10, 2015 11:39 PM
Rosalind Nicholas
RE/MAX Condos Plus Corporation, Brokerage - Toronto, ON
Toronto Condo Real Estate Agent, Toronto ON

Joan, you are right, Toronto is being referred to as 'Manhattan North'.

Feb 10, 2015 11:41 PM

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