February 2024
The average new condo in Toronto has shrunk from 1,010 square feet 25 years ago to 659 square feet according to data from the Municipal Property Assessment Corporation (MPAC). The largest decline in size occurred in Markham from 1,401 square feet in the 1990s to 772 square feet for units completed since 2017. The average condo in Toronto is now 850 square feet according to MPAC.
Throughout the Greater Toronto Area land values are increasing. There are more units built on a single property and smaller individual units. This trend applies to both condos and stacked townhomes.
During this same period, detached homes in Ontario have grown from an average of 2,000 square feet to about 2,500 square feet.
