Smaller condos have been the trend in Toronto for the previous few years, but impact of these units will be felt in days to come because most apartment buildings take 3 to five years to build and make ready for customers to move in. That is the highest share of smaller units ever.
According to Toronto research firm Urbanation, more than 65 per cent of new apartment launches in the GTA in 2012 have been one bedroom or less. In 2006, one-bedroom or less units accounted for rather less than 1/2 new apartment launches. Some developments don't offer parking with any of the units, though they can be available to be bought separately. Another trend is eliminating parking spaces. The same trend is being seen in Toronto. Since many times developments are located beside major public transit facilities, it's anticipated many residents won't need a car.
Who is living in these little apartments? Statistics Canada reports that 51 percent of homes in the Greater Toronto Area now have 2 peoples or less, and one-person households grew by Fourteen per cent from 2006 to 2011.
After a decade-long boom, real-estate markets in Vancouver and Toronto have slowed in the last few months and some researchers accept that may result in a trend toward larger units. ( CMHC ) says the drop in sales is causing some developers to put planned projects on hold, and he suspects that may be a nice thing.
A senior researcher with Canada Mortgage and Housing Corp.
Although there is concern the Toronto market may be oversupplied, instead selling their units, many Toronto condo owners hoping for a booming rental market. The city's vacancy rate is low because only a few new rental units have been built in the last one or two years, and the amount of renters looking out for a apartment is expected to extend.
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