Despite all the news stories, trend pieces and HGTV shows about the “tiny house” movement, it turns out buyers still aren’t big on going small. Less than 2 percent of homes sold in Ontario over the last eight years were under 700 square feet, and that was the second-highest percentage in the country according to a new survey from Property Shark.
Toronto had the highest percentage at 2.1 percent, with most cities surveyed coming in at half a percent or less. To collect the data, the real estate site looked at all residential transactions between 2010 and 2018 for condos, coops and single- and two-family homes within the city limits of each market.
“Tiny homes, micro-apartments, and minimalism have been trending in recent years. While the ideas trend, what happens in practice can often differ widely, so we wanted to see if there was any meaningful action behind the hype,” explains Property Shark’s Patrick McGregor, who authored the report.
What McGregor found is that while buyers might not be buying into the hype surrounding tiny homes, renters were much more likely to live a tiny lifestyle. In the last eight years, nearly one-quarter of the apartments completed in Toronto were under 700 square feet. That’s the highest percentage in the country, but Vancouver and Montreal all had double-digit percentages as well.
Not surprisingly, these are some of the most expensive markets in the country and McGregor says renters are more likely than owners to trade space for location. “We believe renters are more accepting of tiny homes because they are better suited for short-term living,” he explained. “Young professionals and students who value location over space are inherently more transitory. Once they start to build families the lack of space isn’t practical.”
About the Author: The above Real Estate information on Is The New “Tiny House” Trend All Hype? was provided by Andrew Weaver. Andrew can be reached via email at [email protected] or by phone at 705-331-2374. Andrew has helped people move in and out of many Simcoe County towns for the last 6+ Years.
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