Those of us that live in the GTA and other locations in Canada know how crazy the real estate market has become. Houses are being sold for $100,000 over asking on regular occasions, and the demand is largely outweighing the supply. This is obviously making it very difficult for millennials and other first-time buyers to get on the property ladder. It’s difficult for young house buyers to see a time in the future when owning their own home will be possible.
This is one of the reasons why tiny homes are becoming an attractive option for those seeking a place of their own. The tiny home revolution has made its way north from the United States, and is becoming more and more popular in the True North.
These tiny homes range in size, from under 100 sq. ft. to 1,000 sq. ft. and the interior layout of these homes push the envelope for creative space planning. Canada has had the luxury of having a lot of space with a relatively low population, and so we have become accustomed to large homes with multiple rooms, ours being a great example. We live in a free country where financial reward comes from working hard, and so I am not claiming that large homes are in any way a negative thing. However, these houses are rising in price very quickly and the space is starting to become more and more limited; our system is unsustainable.
Tiny homes are therefore a possible solution. They come in many forms and there are a handful of leading Canadian manufacturers who are doing some great work. The biggest issue with these homes is how they can cope with the Canadian weather extremities. The tiny home revolution came from the warmer climates, so the need for high quality insulation and heating hasn’t always been necessary. But with many advances in technology, there is no doubt that this will be solved.
The added benefit of choosing a tiny home is the reduced effect on the environment. Reducing square footage and living with less possessions could help to lessen the negative human impact on the planet. The intelligent and innovative use of space in these homes allows for all modern conveniences, even in the tiny space. Tiny homes may not be suitable for everyone, but with the difficulty in purchasing a first home, this may be the future for the real estate market.