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As real estate prices rise, demand is growing for affordable downtown living in Canada's biggest cities. The solution may be to shrink the amount of space you buy.
Smart House Condos is a new joint development by Malibu Investments and Urban Capital at the corner of Queen Street and University Avenue in downtown Toronto. Units start at $227,000 for a 300 square foot unit.
Terry Lustig, development manager at Malibu Investments says micro-condos are popular with people who want to live downtown, but not spend all of their money on a mortgage. She also believes they will be a growing trend in Toronto.
But how much bang for your buck are you getting? According to research firm Urbanation, new condos in Toronto had an average price of $539 per square foot in the second quarter of 2013. A unit in Smart House will cost around $700 per square foot. As the saying goes, in real estate it's all about location, location, location.
While the units may sound small, they're designed to save space. The bed folds down from the wall, it has a combined washer-dryer, and extra counter space comes in a drawer.
Amber Kanwar, host of The Business News, got a tour of the space-saving design. Watch the video above, and then let us know in the comments section - would you trade space for a condo in a prime location?