There is no question that the size of the average family is shrinking in Canada - you can see it with your own eyes. It wasn't that long ago when a man and a woman had to get married and have children simply because it was expected of them. In today's society, however, families come in all different shapes and sizes with or without children. What does this mean for the Toronto condo industry in general? Condos are going to be a needed commodity for the upcoming future in every city across Canada.
Statistics for households that only have one person have risen 10.4% from 2006 up to 2011. The average family size went down to 1.9 children per family in 2011 from 2.7 children in 1961. In 2011 there were more households that had couples with no children then there were couples with children. These numbers are quite dramatic and only prove why condos need to be built quickly to keep up with future needs.
Smaller accommodations are going to be wanted by many. A lot of these couples without children are going to be leading a different type of lifestyle and will be looking for housing that fits their needs.
While many couples and singles still prefer a single-family home, there are many that don't want to be burdened with the responsibility and high costs associated with them. The demand is there for condos and will only grow with the coming years.
The baby boomers are going to be having an impact on Toronto real estate and it is expected that more of them will be downsizing than ever. There needs to be condos in place for this rush of downsizing boomers and that is why you see new buildings sprouting up across the city. New housing construction is only executed when there is clearly a demand for it.