Toronto developer says 300-square-foot condo could cost $1 million in 10 years
Seven figures for 300 square feet of space seems reasonable... for a place on the moon or somewhere equally exotic. But a million bucks for a glass-paned shoe box in downtown Toronto?
We're not quite there yet, but one of the city's best-known real estate pros says that Toronto could soon be in a place where micro-condos are sold for upwards of $1 million a pop.
Just imagine: Paying $1 million for a condo no bigger than a two-car garage, situated high up in the sky where you don't even own any land and still have to pay monthly maintenance fees.
"In 10 years, a 300-square-foot studio in Toronto will go for $800K to $1 million," said realtor and developer Brad Lamb in a recently-published interview with TRNTO.com. "I think the prices of both homes and condos are going to continue to rise."
Condo developer Brad Lamb says he expects in ten years a 300 square foot studio in Toronto will sell for $800K - $1 million. Million dollar shoebox. https://t.co/SArzkznIRc pic.twitter.com/RDCBwF70Jd— Matt Elliott (@GraphicMatt) March 11, 2020
"It's not quite as bad as it is in New York, but we're getting there," Lamb continued.
"There are so many factors pointing to rising prices. I really see no relief until the next worldwide recession, and after that's done prices will boom again."
With the average price for all home types in the City of Toronto now just shy of $1 million, it's a feasible theory.
Start saving up for your glorified walk-in-closet of a home now, I guess. You've got 10 years to make a million bucks... which matters not if you're already spending most of your income on rent.
Ah, Toronto living.
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