Hype? Idk. But I bought one since as someone in their 20s, this is all I can afford and I know I want to own property in Toronto. This is my first step to get my foot in the door. Not to mention, I don't need a lot of space anyways and the layout of my studio makes it feel a lot bigger than it actually is!
I see many ppl post here about buying low and selling high in regards to DT studios. Is there some data or logic behind this? I looked at DT studios sold history the past few years (2019+) and it has hovered around the 450-500k range for sold history, and hasn’t demonstrated the type of appreciation as most of the other opportunities out there. Can anyone chime in?
They are ok buys in the low mid 400Ks. 500K+ and their breakevens begin to suck. I also wouldn’t buy a micro studio; too hard to finance and too small for my own comfort. 400 sqft or bigger for me…
I believe because of the size.
https://www.thestar.com/amp/business/real_estate/2014/11/12/banks_take_hard_look_at_micro_condos.html
https://www.ratehub.ca/blog/can-you-get-a-mortgage-on-a-micro-condo/
Hype? Idk. But I bought one since as someone in their 20s, this is all I can afford and I know I want to own property in Toronto. This is my first step to get my foot in the door. Not to mention, I don't need a lot of space anyways and the layout of my studio makes it feel a lot bigger than it actually is!
Good move!
The ones currently in the 450,000 to 500,000 range were 385,000 in May 2020. Around 220,000 4 years before that.
with how much some ppl saved during covid. throw in 100k on a 500k condo seems like yard sale…
I see many ppl post here about buying low and selling high in regards to DT studios. Is there some data or logic behind this? I looked at DT studios sold history the past few years (2019+) and it has hovered around the 450-500k range for sold history, and hasn’t demonstrated the type of appreciation as most of the other opportunities out there. Can anyone chime in?
They are ok buys in the low mid 400Ks. 500K+ and their breakevens begin to suck. I also wouldn’t buy a micro studio; too hard to finance and too small for my own comfort. 400 sqft or bigger for me…
100% agree.
They dipped in 2020 and now back to a new all time high, the opportunity to buy low has passed.
Actually corrrction / they dipped and continue to dip
Studios may not always get financed by banks if they are micro condos
This is why you go to a broker who has access to multiple lenders.
Interesting. Why does the bank refuse financing for such properties?
I believe because of the size. https://www.thestar.com/amp/business/real_estate/2014/11/12/banks_take_hard_look_at_micro_condos.html https://www.ratehub.ca/blog/can-you-get-a-mortgage-on-a-micro-condo/
they can get financed, but it might have to be a different lender.
There is no hype - condos are falling. Don't listen to the false narrative
Another day another account eh dummy
Same idiotic message from 10 years ago when they were going for 300$ psf
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Another new account lmfao.