Condos are getting smaller, homes are getting bigger
According to Statistics Canada, new build condos in Canada are getting smaller, whereas new build homes are getting larger. In Ontario for instance, the living area of a condo built in the last few years averages at 665 square feet. This is a drop over 30% compares to condos built in the 80s and 90s.
Similarly in BC, there was a drop of 15% in square footage between 1990 and now for condominiums.
There is good reason for this drop in liveable space. New build condos have more and more amenities that see owners spending less time in their units. Further, we no long require large desks for desktop computers, or bookshelves for all our books—thanks Kindle—and no more bulky CD and DVD towers. The reality is that in an age of increasing digitization, we require less and less physical space to store things.
New build condos, according to Statistics Canada, are also worth more per square foot than older ones. Median assessment values per square foot for condominium apartments built after 1970 in Ontario are becoming progressively higher.
Indeed, condos built in 2016 and 2017 have a median value of $827 per square foot, which is 59% higher than those built between 2011 and 2015.
Finally, it is worth noting that as condos are becoming smaller, new build single family homes are actually getting bigger. In Ontario, the median living area of recently built detached houses is 2,380 square feet. This is an above-grade living area that is 30% larger than that of houses constructed during the 1980s and 1990s.