{"id":3873,"date":"2016-11-03T15:15:56","date_gmt":"2016-11-03T22:15:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3873"},"modified":"2016-11-02T17:51:10","modified_gmt":"2016-11-03T00:51:10","slug":"average-home-size-to-contract-in-the-near-future","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/average-home-size-to-contract-in-the-near-future\/","title":{"rendered":"Average Home Size to Contract in the Near Future"},"content":{"rendered":"<p style=\"text-align: justify;\">A recent report warned that the average size of Canadian homes will decrease in the next few years, even as affordability in Vancouver and Toronto won\u2019t return to manageable levels for the foreseeable future.<\/p>\n<p style=\"text-align: justify;\">PricewaterhouseCoopers stated in its 2017 outlook that Canadians will see the average floor areas of their homes decline amid increased immigration stimulating demand in markets already suffering from scarcity.<\/p>\n<p style=\"text-align: justify;\">\u201cThose arriving in Canada may not have the same size expectations, creating demand for smaller units,\u201d according to the report, as quoted by HuffPost Business Canada. \u201cSignificant increases in immigration over the next five years will continue to keep demand high and put even more pressure on affordability unless more supply is made available.\u201d<\/p>\n<p style=\"text-align: justify;\">This shrinkage is nothing new in the hottest markets\u2014especially Toronto, where the average condo floor area has been on a downward trend for several years now.<\/p>\n<p style=\"text-align: justify;\">\u201cWith no real factors reducing the demand for real estate in Toronto and Vancouver, developers and builders will continue to face supply-side issues,\u201d the report stated.<\/p>\n<p style=\"text-align: justify;\">Canadian housing affordability has not been looking up for the past few years. Earlier this year, Vancouver average home prices have reached historic heights, while Toronto affordability levels are the lowest they have been in 20 years.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/average-home-size-to-contract-in-the-near-futurereport-216280.aspx\" target=\"_blank\">Average Home Size to Contract in the Near Future<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent report warned that the average size of Canadian homes will decrease in the next few years, even as affordability in Vancouver and Toronto won\u2019t return to manageable levels &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/average-home-size-to-contract-in-the-near-future\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3873","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Average Home Size to Contract in the Near Future &#8226; 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