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.
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.