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Thursday, January 8, 2015

The next big thing in condos is very small

People looking for the next trend in the condo market may need to squint: micro-condos are set to take Canada’s densely populated cities by storm.

[Micro condos] are becoming more common, just simply because of the population; as more immigrants come in, they’re more used to smaller places. Someone living in Hong Kong or India, they don’t mind smaller places.

At its Housing Outlook Conference in November, the Canada Mortgage and Housing Corporation said increased immigration, especially to larger cities like Toronto and Vancouver, will continue to put upward pressure on demand for condos. Faced with that demand, builders are increasingly choosing designs that maximize space. That means having more lower-priced micro-sized units in a building, increasing their profit.

Source: Real Estate Professional

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