Developers are finally starting to respond to that trend, after years of shrinking condos that are now, on average, a bedroom smaller than they were even five or six years ago.
Less than half the condos being offered up in developer sales centre this year — some 46 per cent — are one bedrooms, compared to 61 per cent at the peak of sales in 2011, according to RealNet’s research.
The number of two-bedrooms for sale has climbed to 41 per cent of total units up for sale this year, an increase from 31 per cent during 2011.
Sales of pre-construction condos surged 39 per cent in September alone, year over year, with 2,262 units sold compared to 1,393 a year ago. That’s the second-strongest September on record for highrise sales, the numbers show.
The average price of a new condo in the GTA — supposedly the most affordable form of new home ownership left in Toronto’s still-hot real estate market — stood at $450,014 as of the end of September, says RealNet.