The Big Five do not know what they doing when it comes to the micro-condo market, outspoken developer and real estate agent Brad J. Lamb told Canadian Real Estate Wealth online.
“They are greatly mistaken and poorly informed of where they should be putting their money,” he explains. “The funny thing is that they are prepared to lend money on the products that take the longest to sell and hardest to sell, yet the properties that rent instantaneously and sell instantaneously are the ones that the most people can afford.”
Lamb says the demand for micro-condos – the units that range between 350 and 400 sq. ft. – is “unlimited” in downtown urban centres, with young professionals craving these compact spaces.
“If I put such a property to rent, averaging between $1,200 and $1,500 a month, it is rented in two to three days with a line of people waiting for it.”
Brad J. Lamb is the keynote speaker at the forthcoming Toronto Investor Forum, taking place on March 22 and 23 in the International Centre. Check out toronto.theinvestorforum.ca for further information.
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