Perspectives: How Big Should Your Home Be?

By NextHome Staff
September 27, 2018
As home prices remain high in the GTA, more homebuyers should appreciate that smaller homes are the way to go.According to The Globe and Mail, the average home size in Canada in 1975 was 1,050 square feet. By 2010, that figure had nearly doubled to 1,950 square feet. Over roughly the same period, the average number of people living in a home declined from 3.5 to 2.5.
Today, Canada ranks third in the world in terms of average home size according to Point2Homes.com, behind Australia and the U.S.
Our living space per person averages to 618 square feet, which is 36 per cent larger than in the U.K. and 44 per cent more than Brazilians.Clearly, we are a nation that cherishes our space. However, with average home prices holding steady at over $1 million in Toronto, more homebuyers may have to make due with more modestly sized dwellings.This is a reality that we might just have to live with. After all, Toronto has finally arrived on the global scene as a truly world class city. So, just as in Hong Kong, London, New York and Paris, more families are probably going to have to consider smaller homes and condominiums.It’s a trend that is actually already well under way. According to The Toronto Star, as of the last census in 2011, there were 10,500 more Toronto families with children living in condos, up to 129,000 in total from just over 118,000. This meant that growth in condo living families (8.9 per cent) was over double the growth of total number of families living in the region (3.9 per cent).This may not have been the dream for some homebuyers, but many families will love the sense of community and access to amenities that is available in the condominium scene.Smaller houses have their benefits, too. They offer reduced maintenance costs, and you’ll need fewer items to furnish them, which can also save you a bundle. Small homes lend a taste of family, they can be cozy and promote more unity.So, with home prices showing no signs of lowering any time soon, you may want to expand your criteria to consider the concept of life on a smaller scale. It’s the big decision that might just make all the difference in your life, and your finances.Lisa Chester is vice president, sales and marketing, at International Home Marketing Group. IHMG.ca

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