Bibby’s experience is representative of a wider trend in Toronto, where it appears that these smaller units are weighing down the entire market.
Pre-COVID-19, these condos were the hottest on the market. Investors flocked to them because they were the only form of housing under $500,000 available in Toronto and the high rents they could charge on these units meant that making profit was close to a sure thing. Most of them were snatched up on the pre-construction market and as investors became more emboldened by their returns, they bought more units, Hildebrand said.
The pandemic has all but erased the premium that tenants once had to pay for living in the downtown core, Hildebrand said. That premium usually meant paying an additional $400 in rent for an identical unit outside the core. Now, it stands at $50. Frank Polsinello, a broker of record at RE/MAX, has seen this sentiment play out in the digital ads he places on Facebook for micro condos. In the past, the comments would be lined with interested people tagging agents to see the property. Now, they’ve turned negative.Article content continued
What do expect when you try to tag a near $1,000,000 price tag to a closet?!
They should redo them and join them together to make bigger condos.
You can buy a 1000 sf condo at 10/5 in Mississauga for 350 grand. Public transit at your front door, 30 minutes to downtown, foods from all over the world within a few blocks.
Toronto is the biggest loser for all those ugly, boring condos that now dominate the city's skyline. They've sprouted up like weeds.
CondoChris Thoughts?
Anti-maskers are still the biggest losers in Toronto though.