A lack of family-friendly condos are being built in Canada’s most populous city could be a problem, reports The Globe and Mail.
The new housing stock that is being constructed has shifted over the last decade from predominantly detached houses to condos. In 2005, about 35 per cent of the new units being built were condos. Now it’s about 60 per cent.
Economists continue to debate whether too many condos are going up. One of the arguments that condo developers make to defend the boom in supply is the notion that condos are slowly replacing detached homes as the new predominant form of housing.
But the vast majority of units that are being built here are studios, one-bedrooms, and one-bedroom-plus-dens. And they’re shrinking. The average size of a new condo is now 797 square feet, according to RealNet Canada Inc. Between 2005 and 2010 the average size tended to oscillate between about 875 and 925 square feet.
Toronto condo market to land softly: Report