1:59 PM Oct 19, 2022
“As land values increase, we see more units on a single property, which means many of those individual units are smaller,” says Greg Martino, MPAC Vice-President and Chief Valuation and Standards Officer. “Because condos are traditionally a major entry point for first-time home buyers and investors, the market for the smaller units has remained quite strong.”
When it comes to single-family homes, in markets where land is relatively affordable, larger family detached homes are being developed. For example, single-family detached homes were approximately 2,000 sq. ft in the mid-90s and today a typical single-family home is around 2,500 sq. ft.
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