Up until the global pandemic, we were seeing a trend of smaller homes, tiny homes. “micro apartments” in real estate. But following the pandemic, many housing experts predict a wave of buyers will want to up-size their homes instead.
Canadians, hunkered down from sheltering-in-place may have started to feel cooped up. Space has never been more in demand. Small-space fatigue may be particularly prominent in big cities such as Toronto, Vancouver in which a 300- 500 square-foot apartment is more common.
“I think that the desire for larger apartments will come back into style and many [consumers] will be looking to size up—whether sizing up in square footage, light, outdoor space, view, or amenities,” Ian Slater, a broker with Compass in Manhattan, told Forbes.com. “The concept of ‘micro apartment’ being enough in New York City likely will become a very challenged notion. New York may, for a time, not be thought of as ‘everyone’s living room’; buyers will want their own living room.”
The many different experiences during the pandemic could prompt more people to move to the suburbs to seek more space, or purchase, rent larger spaces within the city. I believe outdoor area/backyard will be another key feature when consumers are buying.