22 November 2020 Posted By : Lauren O'Neil

Tiny micro-condos are flooding Toronto's real estate market

There's never been a better time to be in the market for a "micro-condo" in downtown Toronto — or a worse time to live in one, I'm afraid.

Once hailed as the future of downtown real estate, these ultra-tiny, sky-high units — some so small that they can't fit ovens — were immensely popular in Toronto two years ago, when vacancy rates were at historic lows and rent prices were skyrocketing.

Now, thanks to the pandemic and all of the various lifestyle changes it has inspired, realtors are having trouble selling off anything less than 500 square feet — let alone getting contracts signed for piddly pre-construction pads.

The proof is in the pudding, as they say, if "pudding" is to mean "local housing market data."

Real estate broker and prolific data analyst John Pasalis of Realosophy released a comprehensive report on Wednesday detailing how the GTA market is faring this month amid ongoing COVID-19 woes.

His November 2020 Move Smartly report looks at everything from rent prices (still falling) and detached home sales (still rising) to which condo sizes, specifically, are selling the best — and the worst — right now.

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