ADVICE | HOME REALTY
SIZE DOES MATTER… WHEN IT COMES TO YOUR LIVING ENVIRONMENT
DEBBIE COSIC Anticipating real estate trends can be a bit like reaching into a magic hat and pulling out an “unexpected” development that might surprise you. However, on further reflection, it often correlates with an “expected” shift in demographics. The “North American dream” programmed our trajectory of domestic life, as well as our homebuying expectations as our family grew. Our housing requirements reflected our earned status. We looked for real estate listings that used words such as roomy, spacious and grand, and then we checked out the square footage of the home and the size of the lot to ensure that it met with our growing criteria. In life, we generally start small and end small – at least as it relates to accommodation. It was difficult to predict the slight of hand that the pandemic prompted. Perhaps it was the uncertainty of the future that contributed to the rapid price increases. If we had to stay home, a home base became the desired acquisition. Now, another lifestyle modification is taking place. LESS IS MORE
By 2035, more than a quarter of the population will be over the age of 65. Not only does this have a huge impact on our health resources and on our workforce, but it also influences a shift in housing preferences. When I speak to people who are transitioning to a living 24
HOMES Magazine |
July 1–29, 2023
environment that’s more manageable and sustainable, they’re looking for a smaller space – one that allows them the flexibility to come and go without the worry of maintenance and upkeep. And, because they may be living alone, less space often correlates with lower overhead costs in terms of heating, cooling, electricity, gas, water, insurance and taxes. But it’s not only seniors. More and more people are choosing to live alone. The Millennial demographic is waiting until later in life to cohabit, and they are less likely to have children than previous generations. With this, comes a rise in urbanization, as this group wants an improved quality of life, along with the proximity to an abundance of activities, art, culture and eating establishments. And, if half the population wants to live in urban areas, then premium spaces will always be in demand, and restrictions will be enforced as it relates to the size of homes and commercial venues that will be approved. Addressing this situation is the boutique condo development in the city of Waterloo, called “flex” (flex-condos.ca). Not only is
it close to two universities, and a wide range of shops and services, but this condo project also offers a flexible opportunity for those who may wish to lease their unit full-time or part-time. If you love to travel or to spend part of the year in a warmer climate, it just makes sense to have a desirable location in which to sublet. Or, if you choose to live there yearround, enjoying a lifestyle that has city conveniences on your doorstep becomes a prerequisite. It’s all about choices – and a large majority of the population is choosing to live in a smaller space that not only costs less, but also promotes a selfsustaining living environment with a more-considerate urban footprint. Debbie Cosic is CEO and founder of In2ition Realty. She has overseen the sale of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. in2ition.ca
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