The number of condominiums and rental apartments in the Greater Toronto Area has declined significantly over the past two decades.
Buildings completed in 1998 have a median unit size of 979 square feet, while those completed in 2022 are significantly smaller, with a median unit size of 596 square feet.
Fifty-nine percent of units completed this year are one-bedroom apartments and 7% are studios. The last time the median unit size was over 700 square feet was in 2012.
The data was collected from rental condos and apartments listed on TorontoRentals.com over the past 40 months and published in the latest version of the site. Toronto GTA Rent Reportconducted in collaboration with Bullpen Research & Consulting.
The largest decline in unit size was seen from 2001 to 2002, when the median fell from 825 square feet to just 720 square feet. A similar decline was observed from 1999 to 2000.
The researchers attributed the decrease in size to “investors who returned to the condominium market” in the early 2000s.
The largest increase in unit size was seen after the economic crash of 2008 and after the first year of the pandemic. Median unit size increased by 50 square feet in 2009 and 2021.
While condos and rental apartments have shrunk in size, their prices have not.
In the GTA, the average monthly rental rate in April 2022 was $2,204, an annual increase of 12%. According to the Toronto GTA Rent Report, smaller units have seen larger price increases.
The average rent for a studio apartment rose 9% year-over-year in April, while one-bedroom units rose 8% year-on-year. The rent for two-bedroom units has increased by 12% compared to April 2021.