My sister did as well. I thought it was the coolest place. I’m the heart of downtown where all the fun is, great view. I would live in on and be very happy.
The "premium" for studio apartments simply represents how unjustly high the first rung of the property ladder is these days. Housing is a basic need required to survive, so in a city / country without enough housing or enough social housing, of course the premium for these units will be super high. Everyone needs a place to live, so it really is a race to the "cheapest" option. Once you are on the ladder, then you can climb it. But what use is having a ladder when only a rich 50-year-old can enjoy the "luxury" of a 3-bedroom unit.
I really appreciate you speaking your mind and offering up alternative perspectives… with solid logic / rationale. Very helpful for those of us who do not work in the industry. The more good information we get the better understanding we will have about what is going on.
There's definitely a market for studios. And I think it's not a big deal that developers don't build more 3+ bedroom units. Large families ideally don't want to live in large apartment buildings, especially on higher floors. I'm just perplexed at the rental prices being virtually similar between downtown Toronto and downtown Hamilton.
@Precondo Hey Jordan, kind of a random question, but what are your thoughts on the Marilyn Monroe condos (50 & 60 Absolute) in Mississauga in terms of buying in them
First condo looks perfectly reasonable for the kind of place I would have liked to live in when I was in my late teens, early 20s, getting started with life. Problem is I was making minimum wage back then. Min wage is about $15/hr now. Can't get a mortgage for a $410k studio condo like that with a wage that low.
@jeffburke170 One could also argue that a person starting out their life at the bottom of the wage ladder, making minimum, isn't meant to be able to buy a condo in downtown Toronto right away. So I don't think it's fair to say the true price of that condo should be $120,000. That's probably too low. But there should be some condos available, especially older ones without the latest finishes, in other areas of the province, for $120,000. Or, rent vacancy should be high enough and rent should be low enough that someone could rent a condo like. Either way, there should be homes like that available to minimum wage workers. I think we've failed as a society if we haven't put in place the right conditions for everyone to have access to a home they can afford.
@@user72974 I don't think it's unreasonable to price a studio at around 100,000. Toronto is a Tier 2+, Tier 2 city at best in terms of its cultural significance, opportunity to make money, and GDP. It's not New York. It's not San Francisco. It's not Shanghai, Paris, or London. Wages for skilled workers haven't grown in the past 20 years. Housing shouldn't have either if not for speculation. Minimum wage is definitely not what we should use to base housing prices, but for a professional like me with 90k+ annual income, it's still absolutely stupid that the best I can afford is one of these shoeboxes with 17 corners cut in construction
I’ve been living in my 430sqf studio for 3 years now that I paid for less than 400k for, it’s totally livable for one person. Now that I’m married I’m planning to rent it out, the monthly cash flow will break even.
There are certain fixed costs per condo suite and studio units have fewer square feet to distribute those fixed costs over. I would not consider a premium but it’s the results of a mathematical calculation
had a camping trailer years ago that was about 240 sq ft. lol. hope the people buying these condos arent house poor... probably be a relief to get out and work a parttime job on top of their fulltime just to get out of the box.🤣
You are right. Nobody would be complaining if this was $150k It soon will be. Ask the insolvency lawyers who are now showing contagion all the way to the 1.5m condos. And that is prior to the 40,000 units on the way.
You can cook breakfast in bed, in bed 😂😂😂 omg I lived in one bedroom plus dens most of my adult life was thinking of possibly downsizing to a studio but that first studio is just so small, where the heck do you put your stuff? My queen size bed is bigger than the whole room.
Fire content, i love your channel. Learning a lot on RE as a whole. Very data and math driven. I dont think 280 sqft is inhuman, i lived in one when i was a student and it was more than necessary for just 1 student. What i find more problematic is Toronto is anti family. If you are 3+ people, the struggle is real. It's as if Toronto just want students and slaves who don't want children...
Tiny studio Condos are NOT a problem. However, sky high price is the problem. If the price of a 250-350 sqf condo unit including a parking spot is $250k-300k then it is reasonable. There are lot and lot of single Canadian people and all they need is a small place to live.
It's not the size of these apartments that is so much the problem. Many single professional would be fine living in them. It's the prices that is the problem. In Vancouver a studio condo sells for $500,000 and up and to rent the price is around $ 2,600 per month and up. That is too much for most people, even those with good jobs and solid incomes. If these were priced around $250,000 and rented for $1500 - they would be more doable for their target audiences.
very very sad that is is actually a conversation !!! nice that you finally put in the ''in and out fees'' what about lawyer fees, don't you rent till the building is registered?
The premium you talk about only accounts for price per square foot, which is a stupid metric. It doesn't take the count. The fact there is a base amount somebody's willing to pay for an individual unit then as unit gets bigger, they'll pay slightly more. Think of it more like tax brackets what's the marginal price? Somebody will pay for 10 extra square feet from one bachelor to the next bachelor. In reality two bachelors, they are 10 ft.² difference probably would sell for the same price.
Nobody loves these, the market is flooded with them and the only people buying are investors looking for short term rentals and people that can’t afford anything else 😂
Roughly half of mortgage holders have yet to face higher rates ( tostar) headline today. Party just getting warmed up or in 3rd innings of the collapse ? Can only see corp. buyers like Blackrock to replace the money laundering groups (China in deflation) to light a fire again as the mkt. tanks in the next 1-3 yrs. so need to see rules around them too ?
I may buy one of these and rent it out sometime next two year. I am not going buy them new at premium - they worth the same sq.ft. as the other units on the same street - which is almost half of the price tag from the developer. This concept has been proven in Hong Kong as these shoebox units were eventually fell to that number - only when you are so lucky to get it sold in the 2nd hand market. 😮
I think the 3bed unpopularity is just the old values that you cant raise a family in an apartment. I hear that all the time, go get a house. I dont think thats true and its just a reflection of the people I know... middle class. Working class does not have a choice. Single moms are raising kids in apartments, but they arent affording 3bed either. Its too poor for rich people and too rich for poor people.
Dear [jordon], I hope this message finds you well. I’ve reviewed the thumbnails currently in use and believe there is an opportunity to enhance their impact. As a thumbnail designer, I can offer improvements to make them more engaging and effective. If you’re interested, I’d be happy to discuss this further and show you some of my ideas. Looking forward to your thoughts. Best regards,
You can cook breakfast in bed, in bed 😂😂😂 omg I lived in one bedroom plus dens most of my adult life was thinking of possibly downsizing to a studio but that first studio is just so small, where the heck do you put your stuff? My queen size bed is bigger than the whole room.
JUST COMMENTING HERE IN ALL CAPS TO POACH SOME VIEWERS TBH
I have lived in small studios. Totally livable when you are younger.
My sister did as well. I thought it was the coolest place. I’m the heart of downtown where all the fun is, great view. I would live in on and be very happy.
The "premium" for studio apartments simply represents how unjustly high the first rung of the property ladder is these days. Housing is a basic need required to survive, so in a city / country without enough housing or enough social housing, of course the premium for these units will be super high. Everyone needs a place to live, so it really is a race to the "cheapest" option. Once you are on the ladder, then you can climb it. But what use is having a ladder when only a rich 50-year-old can enjoy the "luxury" of a 3-bedroom unit.
i doubt i can afford a studio by the time i hit 50.
I really appreciate you speaking your mind and offering up alternative perspectives… with solid logic / rationale. Very helpful for those of us who do not work in the industry. The more good information we get the better understanding we will have about what is going on.
These shoe box condos are moving well with all my international university students. Their parents can afford 400k. It’s peanuts to them.
There's definitely a market for studios. And I think it's not a big deal that developers don't build more 3+ bedroom units. Large families ideally don't want to live in large apartment buildings, especially on higher floors.
I'm just perplexed at the rental prices being virtually similar between downtown Toronto and downtown Hamilton.
@@tassosplatis2143 also perplexed by that & yeah at 3 bed condo prices most just opt for the townhome a little further out or a detached in the burbs
@Precondo Hey Jordan, kind of a random question, but what are your thoughts on the Marilyn Monroe condos (50 & 60 Absolute) in Mississauga in terms of buying in them
@@TejkaranSingh-jy9yq would ask Nikhil Oberoi about that he knows all the sq1 buildings inside out. Last I heard though, not great at all
@@Precondo will do. Thanks for the reply!
First condo looks perfectly reasonable for the kind of place I would have liked to live in when I was in my late teens, early 20s, getting started with life. Problem is I was making minimum wage back then. Min wage is about $15/hr now. Can't get a mortgage for a $410k studio condo like that with a wage that low.
Private mortgage bro!
@@gurpreetsandhu6714 For 16x annual income?
Is worth 160K lol wait and see if you get lucky
@jeffburke170 One could also argue that a person starting out their life at the bottom of the wage ladder, making minimum, isn't meant to be able to buy a condo in downtown Toronto right away.
So I don't think it's fair to say the true price of that condo should be $120,000. That's probably too low.
But there should be some condos available, especially older ones without the latest finishes, in other areas of the province, for $120,000. Or, rent vacancy should be high enough and rent should be low enough that someone could rent a condo like.
Either way, there should be homes like that available to minimum wage workers. I think we've failed as a society if we haven't put in place the right conditions for everyone to have access to a home they can afford.
@@user72974 I don't think it's unreasonable to price a studio at around 100,000. Toronto is a Tier 2+, Tier 2 city at best in terms of its cultural significance, opportunity to make money, and GDP. It's not New York. It's not San Francisco. It's not Shanghai, Paris, or London. Wages for skilled workers haven't grown in the past 20 years. Housing shouldn't have either if not for speculation. Minimum wage is definitely not what we should use to base housing prices, but for a professional like me with 90k+ annual income, it's still absolutely stupid that the best I can afford is one of these shoeboxes with 17 corners cut in construction
You trade full size bed to futon bed to save $600 on rent ($2700 1 bed vs $2100 studio). Many renters take that trade off.
I’ve been living in my 430sqf studio for 3 years now that I paid for less than 400k for, it’s totally livable for one person. Now that I’m married I’m planning to rent it out, the monthly cash flow will break even.
“I really have no idea what the point of this video was”. 😂 you’re hilarious Haha 😂😂
love it... my uncle wife and two cousin lived in 250 sqft box for 25 years. Hong Kong...
There are certain fixed costs per condo suite and studio units have fewer square feet to distribute those fixed costs over. I would not consider a premium but it’s the results of a mathematical calculation
*When do you think we will see micro condos in Toronto?*
had a camping trailer years ago that was about 240 sq ft. lol. hope the people buying these condos arent house poor... probably be a relief to get out and work a parttime job on top of their fulltime just to get out of the box.🤣
"You can cook breakfast in bed...in bed."
lol
You are right. Nobody would be complaining if this was $150k
It soon will be.
Ask the insolvency lawyers who are now showing contagion all the way to the 1.5m condos.
And that is prior to the 40,000 units on the way.
@@hill4377 hope so, I’ll buy ten. Imagine the cash flow 👀
You can cook breakfast in bed, in bed 😂😂😂 omg I lived in one bedroom plus dens most of my adult life was thinking of possibly downsizing to a studio but that first studio is just so small, where the heck do you put your stuff? My queen size bed is bigger than the whole room.
Fire content, i love your channel. Learning a lot on RE as a whole.
Very data and math driven.
I dont think 280 sqft is inhuman, i lived in one when i was a student and it was more than necessary for just 1 student.
What i find more problematic is Toronto is anti family. If you are 3+ people, the struggle is real.
It's as if Toronto just want students and slaves who don't want children...
Do u have any thing in Durham region
Heres the answer: Its the bottom end of demand price. thats it. price doesnt get lower... So yes the ceiling of affordibilty
How much for a coffin apartment?
There's tons of land west of the greenbelt why isn't it being developed
Government regulations not letting anyone build!
3rd innings of collapse long way to go but Carney is at work so lets see lol POS 2x and needs to go much higher 15x ?
Tiny studio Condos are NOT a problem. However, sky high price is the problem. If the price of a 250-350 sqf condo unit including a parking spot is $250k-300k then it is reasonable. There are lot and lot of single Canadian people and all they need is a small place to live.
Are students renting these studios?
How long are these leases, 1 yr ,2 years?
That New York map is brutal.
Can you tell us how many developers are asking their commission back, because from 2018-2022 you sold lots of condos. Are you paying them back?
It's not the size of these apartments that is so much the problem. Many single professional would be fine living in them. It's the prices that is the problem. In Vancouver a studio condo sells for $500,000 and up and to rent the price is around $ 2,600 per month and up. That is too much for most people, even those with good jobs and solid incomes. If these were priced around $250,000 and rented for $1500 - they would be more doable for their target audiences.
That’s a great analysis thank you!
Totally agree, suburbs in GTA are much nicer, therefore carry a premium compared to other major cities ghetto outskirts.
Great content man. Thanks.
very very sad that is is actually a conversation !!! nice that you finally put in the ''in and out fees'' what about lawyer fees, don't you rent till the building is registered?
@@stephenfermoyle4578 Centrecourt goes straight to closing no interim occupancy
@@Precondo copy
Maybe the title should have been: Toronto SHOULD love studio condos...
Best videos! although I don't always agree 🙂
400k for a studio is insane
I saw a video where a guy is living in Japan in 70 sf; he is a university professor. Renting for very cheap.
Great channel
The premium you talk about only accounts for price per square foot, which is a stupid metric. It doesn't take the count. The fact there is a base amount somebody's willing to pay for an individual unit then as unit gets bigger, they'll pay slightly more. Think of it more like tax brackets what's the marginal price? Somebody will pay for 10 extra square feet from one bachelor to the next bachelor. In reality two bachelors, they are 10 ft.² difference probably would sell for the same price.
This is how modern people live, the people complaining expects to live in a house with a big yard in mid town and pay 500,000
Do you mew?
mew? Like mewtwo?
who the heck is living in 267sq feet? That's a dorm room.
International U of T students. 400k is nothing to their parents
It’s a supply and demand issue. Lots of supply and limited demand.
How do you figure they are selling “incredibly well”?
How many are selling?
@@EricAlHarb selling well relative to other Condo types
Video summary: theres no such thing as a bad product just a bad price
and all the fees and costs when you sell. crazy stupid
All Studios and 1 Bedrooms within an individual building sell at a PSF premium. If paying studio PSF for a 3bdrm you're getting ripped off.
Studios = Cashflow!
Studios aren't marked up enough?!! This guy should be in jail
Nobody loves these, the market is flooded with them and the only people buying are investors looking for short term rentals and people that can’t afford anything else 😂
People stay in hotel rooms all the time comfortably. This is a wonderful layout with an open view and its affordable. Its fantastic!
They’re too small. I need at least a one bedroom. The cost is too high as well for a shoe box. I got my 3200 sq ft house for $350K in 2003.
Roughly half of mortgage holders have yet to face higher rates ( tostar) headline today. Party just getting warmed up or in 3rd innings of the collapse ? Can only see corp. buyers like Blackrock to replace the money laundering groups (China in deflation) to light a fire again as the mkt. tanks in the next 1-3 yrs. so need to see rules around them too ?
Rather live in a tent in a park.
Sheeple in their 500 sqft prisons
i'm selling mine studio, near Billy Biship airport. Anyone?
ur so creative making up topics on the fly
Need to move that self-thumbnail as you're blocking some of the content..
I may buy one of these and rent it out sometime next two year. I am not going buy them new at premium - they worth the same sq.ft. as the other units on the same street - which is almost half of the price tag from the developer.
This concept has been proven in Hong Kong as these shoebox units were eventually fell to that number - only when you are so lucky to get it sold in the 2nd hand market. 😮
it's the layout that absolutely sucks
I think the 3bed unpopularity is just the old values that you cant raise a family in an apartment. I hear that all the time, go get a house. I dont think thats true and its just a reflection of the people I know... middle class. Working class does not have a choice. Single moms are raising kids in apartments, but they arent affording 3bed either. Its too poor for rich people and too rich for poor people.
Love tiny studio. But should $250k
Dear [jordon],
I hope this message finds you well.
I’ve reviewed the thumbnails currently in use and believe there is an opportunity to enhance their impact. As a thumbnail designer, I can offer improvements to make them more engaging and effective.
If you’re interested, I’d be happy to discuss this further and show you some of my ideas.
Looking forward to your thoughts.
Best regards,
You can cook breakfast in bed, in bed 😂😂😂 omg I lived in one bedroom plus dens most of my adult life was thinking of possibly downsizing to a studio but that first studio is just so small, where the heck do you put your stuff? My queen size bed is bigger than the whole room.