Canadians are living more compact lives and nowhere is that more evident than in the digs in which they’re choosing to live.
For the most part, gone are the lavish condominiums and in are smaller, but just as modern and often lavish spaces. There’s a trend today toward condos that are smaller in square footage than a few years ago and there are a few reasons for the downsizing craze.
Small living is smart living. Micro condo buildings are being constructed all over the country, with urban centres leading the way. First-time homebuyers and those who are downsizing like the idea of having more money in their pockets. Smaller condos are created with much thought, ingenuity and an outlay of cash. They can be as small as 300 square feet, but pack a big punch in terms of style and comfort. Some have sliding walls and multi-use furniture which makes these spaces feel much larger than they actually are.
No clutter, no excess. Some younger homebuyers are turning to minimalist lifestyles. These homebuyers are not about having stuff they never use packed into their homes, but having things they only need in their drawers and closets. They are careful about what they bring into their living spaces. Small condos are designed for maximum versatility and efficiency. That’s why these close quarters look more expansive.
Make way for millennials. Small condo living is not everyone’s cup of tea, but there’s just enough in the teapot to entice those between the ages of 23 and 38 or millennials. They’re usually well-educated, self-expressive, optimistic and prefer condo living. They welcome the diversity that small condo living can provide and want to be in the heart of the action. They prefer socializing to staying in and eat out more often than they do in.
Affordability. Unfortunately, unemployment has hit this sector hard, so how does a younger person afford to live a condo lifestyle? He or she buys small. They may rent for a while, but statistics show that 90 per cent of Canadian millennials plan to buy real estate. Builders realize this and have been planning accordingly.
There is no sign that the popularity of pint-sized condo units is on the wane. Developers are shrinking units to minimum sizes to meet the smaller budgets of a large sector of buyers and investors. With more people looking for alternatives to monumentally priced single-family homes, compact condos seem to be where it’s at.