The Square Footage of Homes Is Shrinking! And What if It’s a Good Thing?

The Square Footage of Homes Is Shrinking! And What if It’s a Good Thing?

There has been a trend in recent years: real estate developers are looking to densify their housing projects. The lots are smaller, as is the square footage of houses and condominiums. While there may be some drawbacks, it is important to highlight the benefits as there are several!

When you walk around some cities’ older neighbourhoods, you will often notice that the properties they hold were built on large plots of land. This is not the case in newer developments. In fact, the overall dimensions of homes and yards are decreasing, and we can all expect this trend to continue in reaction to the rising cost of land and the need for its densification.

It’s Also the Case for Condos!

Over the past 20 years, developers have reduced the surface area of condominium units, mainly in Montreal. According to JLR, the median size of condos built between 2000 and 2004 on the island was about 1000 square feet. From 2015 to 2018, the average size had fallen to 740 square feet. This corresponds to a 25% reduction over a 15-year period. Yet it is entirely possible to live happily and comfortably despite this drop in living space!

Benefit 1: Resolve the Housing Shortage

In cities, reducing the size of single-family homes or condos is a positive thing for society. We know that major urban centres are in the grips of a housing shortage and solutions must be found. In Montreal, you can purchase a micro-condo, that is a 250-square-foot dwelling that includes only the bare necessities.

Benefit 2: Increase the Household Savings Rate

The more rooms in a house, the more it costs to furnish and decorate. Moreover, how many things a residence can hold usually depends on its size. So naturally, in a smaller property, it is easier to consume less and not be so materialistic. Not to mention all the money you will effortlessly save! 

Benefit 3: Have More Free Time

The amount of time a person must dedicate to a property’s maintenance is proportionate to its size. Even if it’s only a matter of a few square feet, any decrease will have an impact. There is always so much to do: cleaning, repairs, snow removal, raking fallen leaves, etc. Unless, of course, you hire someone else to take care of all this for you. A smaller home allows its owners to enjoy life more! 

Benefit 4: Reduce Your Environmental Footprint

The new green neighbourhoods that are popping up across Quebec seek to satisfy a number of criteria, including that of maximizing the number of homes present within a set perimeter. This will result in fewer trees being cut down and fewer building materials being used to create communities. In this way, the development’s carbon footprint is reduced. A plus for the planet!

Small or spacious, all types of properties come with pros and cons. You can never go wrong if you choose a home based on your own needs and values!

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.