Buyers have become accustomed to living in smaller condo units but is ‘compact’ housing spreading to other housing stock?
Forget the micro condo, today’s new buzzword in housing is compact townhouses. That is the view of many developers as they launch new “fun” but smaller housing stocks in specific markets.
This is the case in the bustling city of Barrie where a developer has made an application to rezone land to construct 60 “compact” townhouses.
Developer Sean Mason said they are trying to do something differently with these units and that the market is ready for this offering.
Referring to the units as simple and fun, he says they are suited to smaller families.
The planned floor area for each unit is 1,110 square feet to 1,475 sq. ft.
Micro-condos have become a common housing type in downtown cores, averaging at 300 sq. ft. According to research firm Urbanation, new condos in Toronto had an average price of $539 per square foot in the second quarter of 2013