28 Oct 2011

Smaller condos making downsizing an adjustment for boomers

Condos are a hot commodity in the Greater Toronto Area, as sales surged 24 percent in the third quarter, according to the Toronto Real Estate Board. But with the size of condo units averaging just 749 square feet, many baby boomers are having a hard time adjusting to smaller living conditions.

"I just kept thinking, if I’m going to move into a space this small, it’s going to be at an old folks’ home," said Jack Anderson in an interview with the Toronto Star. Anderson and his wife recently moved into a condo in downtown Toronto that measures 1,200 square feet. Their previous house was 3,000 square feet.

As the newspaper reports, smaller condos are the trend in the GTA. Tridel Group, a Canadian condo developer, says that while it builds larger condominium units, first-time buyers are their primary market, making affordability more important than size.

Downsizing can be a significant adjustment, particularly for individuals who have many possessions. Jiffy Self-Storage offers a variety of storage solutions for families who are downsizing yet still needs some extra room to house some of their belongings.

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