TEK Tower (30 Francis) | 45 fl | U/C

[nms]

"Despite pandemic push for larger spaces, micro-condos are here to stay" Toronto Star, March 3, 2022

The Star also examined some of those applications and found multiple units including junior one-bedroom units at 408 square feet and studio apartments at 315 square feet.

By comparison, 315 square feet is slightly smaller than two standard parking spaces.

It’s possible Toronto could end up with far too many tiny units, and not enough diverse inventory, said John Pasalis, the president of the Realosophy brokerage in Toronto.

“The only thing we’re building for rental supply are quite frankly condominiums, and the ones that are being built are ones that investors want, which tend to be very small units,” he said, noting they’re less expensive to build and usually have higher returns.

He said a larger unit might cost less per square foot to buy, but the rent relative to the purchase price is better for a smaller unit, as a 400-square-foot condo could go for close to $2,000 a month in rent, while an 800-square-foot condo may not be double the rent, despite being double the square footage, he explained.

And while units are getting smaller and smaller in size, the cost to rent or buy the units has continued to rise, he said.

“They’re quite expensive. The incomes you would need to even rent out a 500-square-foot condo are quite high,” he said.

According to the National Bank of Canada, the average household income needed to buy a condo in Toronto in 2021 would be $137,145 and prospective buyers would need to save for close to five years to save for a down payment at a savings rate of 10 per cent.

As well, the average median price of a condo in Toronto at the end of 2021 was $710,087, according to the Toronto Region Real Estate Board. That’s up from $572,948 before the pandemic, in 2019.

This is the first time that I have heard of "junior one-bedroom apartments"  Where do those fit compared to a bachelor and/or studio apartment?