While the average rental price for a Toronto condominium surged significantly in the second quarter, the average rental condo size has decreased. Urbanation’s Q2 report released last month revealed that the average size of a rental condo is 785 square feet.
The size of condo rental units hasn’t wavered much compared to 2012, when the average size was 786 square feet. However, the dip in size is more drastic when compared to 2011, when the average rental condo was 799 square feet.
As many Toronto developers continue to shrink their unit sizes, the sizing gap compared to previous years is becoming more pronounced. In fact, the decrease in average rental condo size is less drastic than new condos for sale and resale condos.
The average size for new condo units currently stands at 739 square feet, 1.6 per cent lower than 2012’s average size. By comparison, the average size of a new unit in 2010 was 797 square feet and in 2009 it was 816 square feet.
The rise in compact-sized condos in Toronto is also evident among resale units. While the average size in 2013 is actually bigger than last year’s — 911 square feet compared to 910 — it’s the long-term stats that underscore the drastic shrinkage in condo size. The average resale unit was 1,006 square feet a decade ago.
How long will the Toronto condo continue to shrink? How low (or small) can developers go? Stay tuned!