This is something that I have wondered for a very long time, but not until recently have I decided to dig a little deeper, in order to find out. By my definition, a “bachelor pad” or “studio” is any condo which is less than 499 square feet and which does not have a dedicated bedroom. Interestingly enough, in Toronto there are many condos which are less than 499 square feet that have a separate bedroom, making them not count under my definition. However, here in Mississauga, we are still fortunate enough to have condos relatively decent in size as compared to other cities such as Tokyo and New York.
– Currently, Daniel’s is the only builder in the Mississauga area, who has recently built studio condos, and there are no pre-construction studio condos planned for the near future
– Over the past 20 months, only four studios have sold in Mississauga
– The most expensive studio ever sold in Mississauga was under $200,000
Compared to Toronto
– Most of the newer condo projects offer studios
– In the first 7 months of this year, alone over 25 studios have sold in Toronto
– During this time, the average selling price was almost $225,000
The statistics seem to speak for itself. In Mississauga, at any given time there are very few available bachelor units for sale and even less of them actually end up selling. It’s to no surprise that condo developers are shying away from building more studios in Mississauga. On the other hand, as the data shows, studios do seem to work very well in Toronto. This phenomenon can be explained in various ways including, the higher cost of living in Toronto, the available transportation systems and of course the vast demographics.
However, keep in mind that with the rising condo prices in Mississauga, developers are making units smaller as compared to a few years back, and with the expansion of new transportation systems (such as the LRT) studios could one day become more mainstream. Until then, I believe that condo buyers can save their money and buy a one bedroom condo and make a greater investment.
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