Torontonians are living in smaller and smaller spaces. Here’s why
Some newly released census data should provide ammunition for those who claim the “Manhattanization” of Toronto could see a majority of the city’s residents living in condo towers. According to Statistics Canada, 27.4 per cent of Toronto households now live in high-rises, a rise of nearly a percentage point since 2006; meanwhile, the average size of a condo unit is shrinking. There are a couple of explanations for why people are making do with less living space: the average number of members in a family is falling; more people are living alone; and high property prices mean more and more people are limited to small units. But, the Globe and Mail points out, there is also perhaps a gap between the demand for larger units and developers’ willingness to build them. From a builder’s perspective, there’s a larger pool of potential buyers for small units (plus investors looking to rent out their places also prefer smaller units), which means that buildings full of shoeboxes are easiest to finance. Read the entire story [Globe and Mail] »
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Some newly released census data should provide ammunition for those who claim the “Manhattanization” of Toronto could see a majority of the city’s residents living in condo towers. According to Statistics Canada, 27.4 per cent of Toronto households now live in high-rises, a rise of nearly a percentage point since 2006; meanwhile, the average size of a condo unit is shrinking. There are a couple of explanations for why people are making do with less living space: the average number of members in a family is falling; more people are living alone; and high property prices mean more and more people are limited to small units. But, the Globe and Mail points out, there is also perhaps a gap between the demand for larger units and developers’ willingness to build them. From a builder’s perspective, there’s a larger pool of potential buyers for small units (plus investors looking to rent out their places also prefer smaller units), which means that buildings full of shoeboxes are easiest to finance. Read the entire story [Globe and Mail] »){kind=link}