April 18, 2010

Compact condo units are still dominating the Toronto condo market, and many people feel this will continue for years to come.

Prices are rising, meaning that units may get even smaller. That is not necessarily such a bad thing, as builders learn how to use new designs and technologies to create more efficient spaces.

Just look around at the condominiums in Toronto, and almost all will have units in the 450-600 square-foot range; not just a few, but a plethora. I was amazed when I saw 2-bedroom units in Fusion in the low 500 square foot range.

According to the Toronto Star:

“…in the fourth quarter of 2009, 72 per cent of condos sold were one bedroom or one bedroom with a den. Although buyers might prefer two-bedroom suites, not many can afford them, at an average price of $490 per square foot for units sold in Toronto that quarter.”

But, it is not just the size of suites that is changing, but also the size of the buildings. The Star states:

“The tiny-condo trend is being embraced by buyers, says Toronto Real Estate Board president Tom Lebour, who adds that people are considering lifestyle, not just square footage.”

Check out Toronto’s Freedville (King West), which has about 10 sites in the 12 to 15-storey range, with high levels of finishing and design, the latest being the Thompson Residences. Boutique. Stylish. Lifestyle drive. Very cool.

Of course, with cool small boutique condos comes great area amenities that drive the life-style value of these buildings.

So Toronto… be prepared for smaller suites and smaller buildings with great area amenities.

Developments featured in this article

More Like This

Facebook Chatter