Micro-condos: What they are and who is buying them

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Micro-condos are hitting the Toronto real estate market this year. Micro-condos are units anywhere between 220-400 sq. ft. These micro-condos are made for bachelor, single people, students, single professions, first-time buyers and etc.   

 Pros:

·        Micro-condos are to maximize space featuring fold away furniture is standard issue. A bed will fold up to make room for a kitchen table. Storage space is created in every corner and opening and is collapsible or can be hidden.

·         Offers at a substantial discount compared to regular downtown prices.

·         Forces you to be tidy which can be a pro or con.

·         The opportunity to live around the hottest neighborhoods in Toronto.

·         You won’t have to buy any furniture because of the limited amount of space you have.

·         Resale market for these units has yet to be proven.

Cons:

·         Focus you to be tidy which can be a pro or con.

·         One or two things out of place can make your space look messy and cramped.

·         These units are also difficult to mortgage. As this trend grows it will become easier to secure a mortgage for a micro-condo.
 
 
 
 
Reference:

Rinomato, S. (2015). Micro-condos: What they are and who is buying them. Retrieved from CTV News: http://canadaam.ctvnews.ca/real-estate/micro-condos-what-they-are-and-who-is-buying-them-1.2230762



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