Micro condo living is becoming a growing phenomenon in Toronto. New condo developments are starting to shrink in size and are seemingly growing in popularity for young couples, singles and roommates that love living in the city. Since the 1990's, condominium developments had a median size of 946 square-feet and over the years have dropped to a median size to 647 square-feet in 2017.
Downtown Toronto is rapidly growing in population and we can’t expect it to slow down anytime soon. People are flocking to Toronto for the employment opportunities and it seems that young professionals would rather have less space and live close to work than live outside of the city and commute to work. Millennials want to have everything they need at their doorstep, long and stressful commutes are becoming passé. Millennials prefer to live in mixed-use communities in urban areas, close to their workplace and other local amenities such as shopping, restaurants and entertainment options.
Therefore, micro condo developments are becoming a trend in the city. Some of these condos can fit one or two bedrooms and some are a studio apartment. These apartments can be easily found in major cities across the United States where space is limited. Manhattan for example, considers micro condos the norm for their residents. As Toronto is becoming a mini Manhattan it makes sense that the city is following suit. One of the reasons why micro condos are becoming a growing trend is because they are a more affordable option to buy or rent. People are opting for a simpler lifestyle in order to save money. Many of these micro condo layouts are compact in size but are efficient with space. There is a strategic design that comes to mind when developers are building these condos such as high-ceilings, large windows, convertible furniture and built-in storage units.
Based on the housing market, affordability is becoming a key factor for those looking to invest in a condominium downtown or those looking to rent. Micro condos are becoming the solution to the problem, people can now purchase and rent for less while still being able to live in a central area. These micro condos in Toronto are being targeted to young millennials that are just starting their career and unable to afford larger one bedroom apartments in the city. These micro condos will not only be beneficial to millennials but investors can greatly benefit as well. Investors will not only be able to afford micro condos but will spend less on maintenance fees and condo fees. Additionally, they can also rent out to students, young professionals and couples looking to live in an urban area close to many local amenities. Investors can also charge more per square-foot for a micro condo than a larger unit because the demand for these condos are so high. Investors are sure to receive a high return on investment (ROI) when they purchase a micro condo.
Here is a development that offers micro condos:
NO55 Mercer Condos - 99 Blue Jays Way
This condominium development is in a prime spot of the city located near the intersection of King Street West and Spadina Avenue in the heart of Toronto’s Entertainment District. Residents will have access to some of the best restaurants, bars and local entertainment. This 45-storey high-rise will be built on top of the infamous Wayne Gretzky’s Sports Bar and will have 557 residential units ranging from studio to three-bedroom suites. These suites will range in size from 333 to 893 square-feet. A micro-sized condo is defined as a residential unit with a maximum footage of 350 square-feet. These suites may spark the interest of investors looking to purchase a micro condo in one of the most sought-after urban areas of the city. Learn more about this development here.