Compact Toronto studio on the market for $760,000

Toronto real estate prices are enough to make your eyes pop on any given day, but once in a while there’s a property that really stands out, and today, it’s a compact studio condo that’s on the market for a staggering $759,000.

Located inside The Massey Tower at 197 Yonge Street, the Toronto studio unit comes in at just 387 sq ft. If the unit does sell at the asking price, it would cost $1,961 per sq ft, which is jaw-droppingly higher than the Toronto average of $883 per sq ft.

Homelife Landmark Realty Inc.

The unit does manage to fit quite a bit into that small space, including a washer/dryer, dishwasher, bathtub, and balcony with water views. And thankfully, it also comes with a locker, so whoever owns it will have some extra space to store their belongings.

Notably, the kitchen doesn’t have a full stovetop, but rather a two-burner cooktop, so it may not be the best fit for an avid home cook. One bonus, though, is that maintenance fees are relatively low here, costing $314 per month.

Homelife Landmark Realty Inc.

Cyrus Ghazvini, a real estate agent at Strata.ca, says that this type of unit would likely be of interest to a first-time buyer.

“Massey Tower is probably one of the best buildings to purchase in, especially for students or young professionals looking to get into the market,” Ghazvini said. “This studio has a very practical layout, which allows you to live comfortably day-to-day […] while giving your investment an opportunity to grow.”

• See also:
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  • 10 Ontario cities where you can still get a four-bedroom home under $500K

Homelife Landmark Realty Inc.

The building itself does have some attractive features, with a concierge, gym, sauna, juice bar, and even a piano lounge.

“The lobby is really special because it feels like you’re stepping into a luxurious hotel every single time,” said Ghazvini.

The unit has been on the market for 55 days now, which is relatively long in today’s red hot Toronto real estate market, but finding the right buyer for a pricey home can take some time.