Today’s ever-rising real estate prices often mean one of two things for buyers — they must either increase their budget, or downsize their housing expectations.
The Canada Mortgage and Housing Corporation (CMHC) reports that the construction of single-detached homes fell between 2012 and 2016. The lower inventory, coupled with increased demand, resulted in a rise in prices for this housing type. In many cases the result is that buyers who initially planned for a single-family house will be settling into condos, while some would-be condo buyers may have to reassess how to fit their lives into even more compact footage.
Looking at condo construction, the CMHC notes that although there might be a slight decline in condo starts this year, there will be a rebound in condo construction next year due to increased demand for more affordable housing.
In the meantime, residents moving into more “cozy” condos need to be creative about how they fit into their smaller spaces. Luckily, furniture manufacturers are responding to the demand for space-efficient solutions and designing options specifically for today’s condos. Furniture that flips up, slides out and folds down can now be cleverly concealed to fit into any space.
Don’t automatically dismiss a condo with great features, a reasonable price and other plusses because you think it’s too small. Today’s options make it easier than ever to complete your condo with clever space solutions that fit all your needs!
Call today to find out about the many condo configurations available in today’s market.