Canadian Real Estate Magazine reports on the latest development of the micro-condo units:

 

 

One of the country’s leading realtor and developers has criticized the big five for not providing lending for micro-condos.

 

The Big Five do not know what they doing when it comes to the micro-condo market. That is the view of outspoken developer and real estate agent, Brad J. Lamb, as he slates the lenders for not tapping into this growing and lucrative market.

 

“They are greatly mistaken and poorly informed of where they should be putting their money,” he tells CREW. ““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.”

 

The full interview with Brad J. Lamb will be in the April issue of Canadian Real Estate Wealth.

 

Till next time ...

 

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