The Rise of Micro Condos in Downtown Toronto
With the cost of condos on the rise, micro condos are finding their way into Toronto's real estate market. A micro condo is an apartment unit no larger than 400 square feet, yet still equipped with everything a renter could want.
Micro condos are inspired by living spaces in Hong Kong, Tokyo and New York City, where population density is high and minimalism has become trendy. In Toronto, they are often found in some of the city's hippest areas, like Liberty Village, St Lawrence Market and Queen West. Combined with their price tag, this location makes them very appealing and easy to sell.
Micro condos come complete with a kitchen, washroom and common area that acts as a bedroom/living space. They can be similar to a bachelor apartment, but with more stylish design that makes them appear bright and more spacious. They often have floor-to-ceiling windows, modern stainless-steel appliances and great views. They also often come with built-in, fold-away furniture like Murphy beds, kitchen tables and dishwashers inside drawers. Stacked washer-dryer combos hidden in a cupboard mean no lugging your laundry to the laundromat.
For investors, micro condos are a way to yield more units in a great Toronto neighbourhood. They offer affordable living in a desirable area of the city that makes sense for buyers and renters alike. There may be less square footage, but the space is still very comfortable and what some tenants call 'micro cozy.'
Micro condos can generally be customized according to the wishes of the buyer, making them an exciting purchase for young, successful professionals looking to have a space to call their own.
For anyone wanting to live in the most desirable areas of Downtown Toronto at an affordable price, then the micro condo is the way to go.