11 Jul 2012

Toronto condos shrinking in size

Toronto has a booming real estate market right now, but so many people wanting to live in one city is having an effect on the size of the available homes. According to a recent report by Urbannation, condos and apartments being built in the city are getting smaller, not larger.

The report compares apartments and condos available for occupancy now with those that will be ready for 2014 (currently being built). In almost every category, the apartments are shrinking, reports CBC News.

Currently, 63 percent of condos in the city are studios or one-bedrooms, reports the news source. By 2014, that will rise to 67 percent. What's more, the average size of these dwellings are on the decline. Studios average 438 square feet right now, but that will drop to 414 square feet in two years. One-bedrooms are dropping from 570 to 527 square feet, while two-bedrooms will decline from 947 to 829.

With people paying more per square foot for Toronto real estate and smaller apartments becoming the norm, those moving to the city may need to consider alternative options. One great way to get more space at a cheap rate is by investing in a self storage unit. Renting storage space allows those moving the city the ability to take all of their items with them, without having to worry about cramped space in their new home.

Self storage can be a smart way to hang on to valuable items without taking up room in a house or apartment. For Toronto storage solutions, there's no better than Jiffy Self Storage. Those interested in self storage should check out the affordable rates on Jiffy's website, where they can also enter to win a free iPad 3.

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