toronto condo prices

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."

"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.

Lead photo by

Urban Capital


Join the conversation Load comments

Latest in Real Estate

Here's how Toronto landlords are dealing with the April rent strike

More Toronto Airbnbs are turning into normal apartment rentals thanks to COVID-19

Toronto home sales are plummeting on account of COVID-19

Toronto rental company puts other landlords to shame with incredible COVID-19 supports

Tenants in Toronto are still getting threats of rent increases and evictions amid the COVID-19 pandemic

A Toronto condo complex just banned all Airbnbs due to coronavirus

The average rent for a one bedroom apartment in Toronto is now $2,240 but it's expected to go down

Real estate agents are still hosting open houses in Toronto despite calls not to