The Sky is Falling – Be Prepared to Duck
How Toronto Condominium Developers are Saving Space
Now we aren’t talking about Chicken Little, but it comes as no surprise to people who have been seeing new Condominium developments over the years that on average, units are getting smaller.
RealNet Canada Inc. released its latest stats for new condos in Toronto… and the numbers showed that the average size of a unit has shrunk to about 797 square feet, from closer to 900 square feet five years ago.
However, as noted in a recent Globe and Mail article, there is a new trend that is slowly creeping into new Condominium developments. The ceiling heights are being lowered.
When purchasing a Condominium pre-construction, you often only see two dimensional floor plans which will show you how large the unit will be. What people often fail to consider, is the height of the ceilings. Particularly if you are not aware of what a “normal” ceiling height ought to be.
According to Matthew Slutsky, president of BuzzBuzzHome, “Nine feet is normal, 10 is luxury,” he says. “It’s gone up, eight used to be the norm about a decade ago. Around 2007 to 2008 it started to change to 9 being the standard.”
Why would developers be lowering ceiling heights?
When you think about it, it makes sense. If a project is approved for a certain height, and they take six inches off per floor over 18 storeys, they can add another floor. This allows developers to add condominium units, without making them smaller than they already are.
What does that mean for you?
Nobody likes surprises when it comes to real estate. If you don’t know to look for ceiling heights in the agreement, you may not turn your mind to the issue. This demonstrates why it is so important to have a real estate lawyer review your Agreement of Purchase and Sale.
When you purchase a new condominium from a builder you have 10 days to have the document reviewed. For more information about the 10 day cooling off period, click here.
Make sure you know what you are getting into. Protect yourself.