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#What will be the Smart Elevators market size by 2028?
articlesblog · 2 years
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pmi-report111 · 5 months
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Smart Access Control System Market   Analysis by Size, Share, Key Drivers, Growth Opportunities and Global Trends 2031
The global "Smart Access Control System Market Market" report indicates a consistent and robust growth trend in recent times, projecting a positive trajectory expected to persist until 2031. A significant trend observed in the Smart Access Control System Market market is the rising consumer inclination towards environmentally sustainable and eco-friendly products. Furthermore, a notable advancement in this market is the increasing incorporation of technology to elevate both product quality and efficiency. Cutting-edge technologies like artificial intelligence, machine learning, and block chain are actively employed to develop innovative products that outperform traditional options in terms of effectiveness and efficiency. The Smart Access Control System Market Market Research Report for 2024 highlights emerging trends, growth opportunities, and potential scenarios envisioned up to the year 2031.
By delving into the latest trends, the report keeps businesses abreast of the dynamic market environment, helping them identify emerging opportunities and navigate potential challenges. The meticulous analysis covers various aspects, offering valuable insights into the historical performance of the market and presenting the current (CAGR) status.
Get a Sample Copy of the Report at: https://www.proficientmarketinsights.com/enquiry/request-sample-pdf/1751
Who are the biggest Smart Access Control System Market manufacturers worldwide?
Ring (Amazon) (U.S.)
ZKTeco (China)
Salto Systems (Spain)
Hikvision (China)
ASSA ABLOY (Sweden)
BOSCH (Germany)
Johnson Controls (Ireland)
Dormakaba (Switzerland)
GU Group (Japan)
Suprema (South Korea)
Dahua (China)
Anviz (U.S.)
Honeywell (U.S.)
SIEGENIA GROUP (Germany)
Apollo (U.S.)
ACTi Corporation (Taiwan)
The Smart Access Control System Market Market is described briefly as follows:
The global Smart Access Control System (ACS) Market Size was USD 843.58 million in 2024 and the market is projected to touch USD 1493.26 million by 2031, exhibiting a CAGR of 8.50 % during the forecast period.
SWOT Analysis of Smart Access Control System Market Market:
A SWOT analysis involves evaluating the strengths, weaknesses, opportunities, and threats of a particular market or business. In the case of the keyword market, we'll be looking at the factors that can impact the industry's performance.
Pestle Analysis of Smart Access Control System Market Market:
To better comprehend the market environment, a five-force analysis is performed, which takes into account the bargaining power of the customer, the supplier, the threat of substitutes, the threat of new entrants, and the threat of competition.
Get a Sample Copy of Smart Access Control System Market Market Report
What are the Types in Smart Access Control System Market Market?
Card-based Control System
Video/Audio Control System
Biometric Systems
What are Applications in Smart Access Control System Market Market?
Residential
Commercial
Inquire or Share Your Questions If Any before the Purchasing This Report:https://www.proficientmarketinsights.com/enquiry/queries/1751
Geographical Segmentation:
Geographically, this report is segmented into several key regions, with sales, revenue, market share, and Smart Access Control System Market market growth rate in these regions, from 2017 to 2028, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia, and Vietnam)
South America (Brazil etc.)
Middle East and Africa (Egypt and GCC Countries)
Some of the key questions answered in this report:
Who are the worldwide key Players of the Smart Access Control System Market Industry?
How the opposition goes in what was in store connected with Smart Access Control System Market ?
Which is the most driving country in the Smart Access Control System Market industry?
What are the Smart Access Control System Market market valuable open doors and dangers looked by the manufactures in the worldwide Smart Access Control System Market Industry?
Which application/end-client or item type might look for gradual development possibilities? What is the portion of the overall industry of each kind and application?
What centered approach and imperatives are holding the Smart Access Control System Market market?
What are the various deals, promoting, and dissemination diverts in the worldwide business?
What are the key market patterns influencing the development of the Smart Access Control System Market market?
Financial effect on the Smart Access Control System Market business and improvement pattern of the Smart Access Control System Market business?
Purchase this Report (Price 3200 USD for A Single-User License) at:https://www.proficientmarketinsights.com/purchase/1751
TOC of Global Smart Access Control System Market Market Research Report 2023
1 Smart Access Control System Market Market Overview
2 Market Competition by Manufacturers
3 Smart Access Control System Market Production by Region
4 Smart Access Control System Market Consumption by Region
5 Segment by Type
6 Segment by Application
7 Key Companies Profiled
8 Industry Chain and Sales Channels Analysis
9 Smart Access Control System Market Market Dynamics
10 Research Finding and Conclusion
11 Methodology and Data Source
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pravalika · 1 year
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Smart TV Market - Forecast (2023 - 2028)
View More @ https://tinyurl.com/7a2wtpcm
According to a Cisco study, in the year 2019, online video streaming will account for 90% of the Internet traffic[1]. The telecommunications marketplace has not missed this update, and capitalized majorly on this factor. Smart TVs, one of the latest and most important electronic inventions, has made entertainment streaming a cakewalk. Smart TV market companies and online streaming services have developed a symbiotic relationship where the latter benefits from the large screens, and easy connectivity, and smart TVs make use of the plethora of options offered by streaming services. The global smart TV market size in 2018 was between $130 billion to $140 billion. The market is also projected to grow at a notable CAGR of 8%-10% during the forecast period of 2019-2025. 
Smart TV Market Outlook:
Any television that can be connected to the Internet, and used as a standalone device, is a smart TV. Though companies these days are selling intelligent TVs as a separate product, a regular TV with a set-top box can also be converted into a smart TV. Over-the-top content offered by online streaming services can be streamed seamlessly on smart TVs by connecting to the internet. This service is thoroughly utilized by consumers owing to the on demand streaming media facility that can be enjoyed on a large screen instead of being limited to our laptops, or mobile phones. As a result of China actively stealing production share of the smart TV market, Asia Pacific region leads the smart TV market globally with a regional share of 35%. 46 to 55 inches sized smart TVs are in extensive demand because of their screen size, as well as the accessibility their offer during global sports events like the FIFA World Cup, or the Olympics.
Smart TV Market Growth Drivers:
Rising Demand for Personalized Entertainment
Gone are the days when people would flock to cinema halls, or flip through their satellite TV channels. We have entered the times of online streaming on a big screen. Smart TV provides that facility by providing internet connectivity which helps consumers in subscribing to their favorite online streaming services like Netflix, and Amazon Prime. 
Global adoption of advanced technologies, and rising technological advancement will bolster the smart TV market growth.
Smart TV Market Challenges:
The most prominent challenge faced by the market is the taxation of smart TVs. In India for example, smart TVs are placed under the highest tax slab of the Goods and Services Tax. Consumers are supposed to pay 28% of the already exorbitant rates at which the TVs are sold. Relaxation of taxation will greatly benefit the market, and help fight this challenge.
Smart TV Market Key Players Perspective:
Key market players are equipping smart TVs with Artificial Intelligence in order to make the experience more seamless. Consumers can now communicate with their TVs, and more often than not, don’t need a remote control.
Key market players in the smart TV market are Sony Corporation, LG Electronics, Inc., TCL Corporation, and Koninklijke Philips N.V., Haier Electronics Group Co., Ltd, Intex Technologies, LeEco, Panasonic Corporation, Sansui Electric Co. Ltd., Samsung Electronics, Toshiba Corporation, and Videocon Industries Limited.
Smart TV Market Trends:
Smart TV Prices Will Fall Off In The Upcoming Years
Smart TVs share histories of what the consumer is watching with online streaming websites in order to present more relatable content. Interactive advertisement revenue is also shared between the TV companies, and the marketers, thus establishing a symbiotic relationship. Easier access to multiple shows, and similar services elevates consumer interest, which has led to virtually all sold televisions these days to be smart TVs. This will disrupt the market, and lead to lower prices with robust sales in the upcoming years.
Smart TV Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Smart TV Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Smart TV Market, and their specific applications in different areas.
Smart TV Market Report: Industry Coverage
The Smart TV Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
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bloggings-posts · 3 years
Text
Smart Elevator Market is expected to show impressive growth rate between 2021 to 2028
Smart Elevator Market research study published by Profshare Market Research mainly focuses on the Covid 19 pandemic impact on market & its future outlook. Research study has extensively worked on supply-demand analysis which is important parameter in industry. Supplier analysis delivers very clear picture supply- demand scenario in the market.
Analytical tools used while developing research studies includes SWOT analysis, market sizing, Porter’s 5 Forces model, PESTAL analysis. Opportunities and threat analysis has gain significant importance in recent years primarily due to dynamic nature of industry. Environment safety measure is covered in PESTAL analysis that informs clients about environment safety policies practicing by various countries globally.
Research study has taken 2018 as base year while market data for 2014-17 is considered as historic data. Precise analytical use of historic data is significant to calculate forecast value of market. Competitive intelligence in the study delivers exact information about key players previous & current business model that immensely helps user to develop their own business strategy.
Access Full Report @ https://www.profsharemarketresearch.com/smart-elevator-market/
Regional analysis
North America : USA, Mexico, Canada
Europe: UK, Germany, France, Spain, Italy, Netherlands & Rest of Europe
Asia Pacific : China, India, Japan, Singapore, South Korea & Oceania
Latin America : Brazil & Argentina
Middle East : UAE, Qatar, Israel.
Rest of the World.
Research study developed on Smart Elevator Market is very useful in order to gain complete insight of the market, some the key aspects included in the study are:
Market estimation
Forecast 2020-28
Growth drivers
Raw material & Supply analysis
End User & Application insight
Key player’s analysis
Import & Export scenario
Challenges & Opportunities
Current & emerging market trends.
Tenders & Pricing scenario.
Key Questions answered by the Smart Elevator Market Report:
What is the Base Year for Smart Elevator Market report?
What historical data is included in Smart Elevator Market Report?
Are Top companies in Smart Elevator Market are analysed in this report?
What are the regions analysed in Smart Elevator Market Report?
What are the main topics covered in the Smart Elevator Market Report ?
Is COVID 19 impact on the Smart Elevator Market included in the report ?
About Profshare:
Profshare Market Research is a full service market research company that delivers in depth market research globally. We operate within consumer and business to business markets offering both qualitative and quantitative research services. We work for private sector clients, along with public sector and voluntary organizations. Profshare Market Research publishes high quality, in-depth market research studies, to help clients obtain granular level clarity on current business trends and expected future developments. We are committed to our client’s needs, providing custom solutions best fit for strategy development and implementation to extract tangible results.
To Know More About Us Visit :https://www.profsharemarketresearch.com/
Contact :
Kalyani D.
Profshare Market Research
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rebeccahpedersen · 5 years
Text
Micro Condos Are The Future of Downtown Toronto
TorontoRealtyBlog
I have never taken a big interest in April Fool’s Day.
That’s not to say I have no sense of humour, but just the idea that we pick one day per year to play pranks really takes the element of surprise out of the equation.
Anybody who follows the comedic staples on Instagram would have undoubtedly seen this a couple of times:
Right.
Kudos to Gail.  You have to admit, she’s trying!
It sort of reminds me of a company meeting we had 5-6 years ago where an older lady stood up during the Q&A after the “Social Media” presentation and said, “How do I…..do…..a Twitter?”  Applause ensued.  Hey, she was trying.  She smiled when she asked the question, she wasn’t quite sure of the verbiage, but she stood up nonetheless.
Gail, you’re an Instagram legend, even one year after your epic April Fool’s Day prank.
On Monday, I fell for not one, but two real estate related April Fool’s Day prank.
Do you have one of those email accounts you use for ordering pizza, signing up for Best Buy when you order one $9 cord online, and subscribing to real estate websites?  I do.  It’s the same Hotmail account I’ve had since 1997.  So while looking through my copious amount of eBay emails on Monday, I saw one from Condos.ca about the “first and only dog condo” in Toronto.
So cool, I thought!
I remember the first condo to have no parking spaces, marketed as the first only “bicycle condo,” so wasn’t it only a matter of time before we saw a condo that had no restrictions on pets?  Or, wait.  What is a “dog condo?”  The more I read, the more I realized this made no sense.  A dog condo, like, for dogs?
Then I read more, and I realized this was a joke.
Ah, yes, it was April Fool’s Day, after all.
But I read the entire thing!  I clicked all the links!
It was really funny, really creative, and I have to give them credit for putting so much work into this.
Check it out HERE.
And they even started a website called www.condogs.ca
Great work!
But the day was still young, and I had yet to perk up from my morning coffee.  So upon seeing my colleague, Steven Fudge’s latest blog post advertised on Facebook, I was hooked!
“You Can Buy A Sleeping Pod In A Toronto Micro Condo For $49,900”
For those of you that don’t read Steven, you’re missing out.  He’s very unique, as is his writing style, and he’s always got something interesting to say.  Bookmark him and you won’t be disappointed.
I started reading the blog post, and I was just shocked.  “What is this city coming to?” I thought, upon seeing what people are resorting to:
Ashamed as I am to admit this, it wasn’t until I saw Gotcha! Happy April Fool’s! that I realized this was all a joke.
Am I stupid?  Gullible?  Or both?
I was just tired.  Oh, so, so very tired on Monday morning after very little sleep and a lot of……umm……what do they call it……….ah, parenting, on the weekend.
I feel as though if you’re not paying extremely close attention, and if what’s in front of your eyes is convincing enough, your brain allows you to believe it.  That photo above with the guys sleeping in pods is real, after all.  That’s in China.
And we all know that, as Britons found out on April 1st, 1957, spaghetti does grow on trees.
youtube
    That truly is the greatest April Fool’s Day prank ever played.  And I fell for that as a child when my Dad showed it to me on TV.
Anyways…
Upon falling for Steven Fudge’s “micro condo pod” story, I began to consider just how small condos have become.  In fact, this has been on my mind since the Liberals announced their budget two weeks ago, and a couple of readers commented that their plan to help first-time buyers, who are purchasing for under $480,000, might cause developers to build smaller condos.
Well, they’re already building smaller condos.
So can they start building them even smaller?
If, for argument’s sake, this first-time home-buyer loan from the federal government (or shared mortgage, whatever you want to call it) has legs, then it’s possible that will push the lower end of the market, across the country, and even here in Toronto.
If, for argument’s sake, there are more and more buyers looking for $350,000 condos in downtown Toronto (that currently don’t exist), it’s possible that developers will start building them.
And where does that leave the rest of us, ie. those that don’t want to live in micro-condos?
Well as I said, it’s already happening, and the writing has been on the wall for some time.
Think about how a developer makes his money; he sells gross floor area.
Let’s say that a developer purchases a site, and the buildable area is 400,000 square feet.  Maybe the condo is 100 feet wide, by 100 feet deep 44 stories high, and minus elevators, common area, and mechanical rooms, there’s 400,000 square feet of upon which to build condos.
If a buyer wanted a 400,000 square foot condo, then great!  The developer will just sell all 400,000 square feet and be done with it.  But we know this isn’t how it works, so the developer will chop up the 400,000 square feet into multiple units of varying shapes, sizes, floor plans, and combinations of beds and baths.
Maybe the developer chops up the 400,000 square feet into 100 units, or maybe it’s 500.  Who knows.
How the developer determines this is a combination of saleability and marketability, ie. what can be sold, and for how much.
There’s a larger market for smaller units, and smaller units sell for higher prices, so it seems to reason that most of a new development will be small 1-bedroom condos.  It didn’t use to be this way.  When I got into the business in 2004, the larger the unit, the higher the price per square foot!  Just imagine how crazy that would seem today?
So let’s consider that in, say, 2008, you might be looking at a 565 square foot condo for $500 per square foot, or $282,500.  That was affordable for a lot of folks then, but folks today can only dream about that price point.
As time went on, and prices went up, the price per square foot increased along with the absolute price, ie. unit price.
What we have come to realize in 2019 is that developers are not concerned with the price per square foot, since consumers clearly aren’t, and instead they are looking at the absolute price.
Today, a buyer might think they have struck gold to find a condo for “only” $399,000.  But whereas in 2004, this purchased a 1,050 square foot unit, in 2019, it might only purchase a 362 square foot unit.
And that is why units are shrinking in size.
It’s not because of what people want, it’s because of what people can afford.
Tell me that people want smaller units, and I’ll you you’re wrong.  This is merely a function of price, and it’s been force-fed to us by developers who recognize that setting a unit-size floor of 580 square feet, like we used to see in 2004, might set a price floor of $600,000, and that’s not going to attract buyers.
Do you know what will attract buyers?
Condos @ Dundas & University, Starting From $479,900 – On VIP Sale NOW!
That’s highly attractive…..
……to morons.
Because not only are these pre-construction condos that may never be built, may be cancelled, may be delivered in 2028, may have insane closing costs, may be in “occupancy” for two years, and so on, but these are…………wait for it…………..279 square feet in size.
Yup, and if you do the math, you’ll see that this is a whopping $1,720 per square foot.
Oh, so now I’m not a jerk for calling would-be buyers, “morons?”  Admit it, you were thinking that…
Yes, $1,720 per square foot, which is just absurd.  It’s also insulting.  But I’m sure sales are fantastic!
What does a 279 square foot condo look like?
This:
(Courtesty of Condonow)
That’s a kitchen, living, and dining all combined into one room that’s 12’1″ x 10’0.”  I don’t want to sound like a jerk, but my office is 17′ by 16′.  Wait, come to think of it, my office is the overall condo size!  I don’t know how I can come in here every day with the same perspective…
But consider 12’10” x 10’0″ when having to find a place for your fridge, stove, dishwasher and/or microwave if you can fit them, kitchen sink, bed, and somewhere to put clothing, and maybe, I dunno, stuff?
While I recognize that there are people all around the world living in smaller spaces, I just don’t know that this is going to work in Toronto.
At the risk of sounding repetitive, it warrants mentioning once again: nobody wants to live in spaces this small; these are being built by developers who are chasing a price-point.
And that’s the sad reality of our market.
Developers, who effectively run the city of Toronto (at least the downtown core), can’t build larger units because the market for them is smaller.  And what this means, in my opinion, is that thirty years from now, the entire downtown core will be full of micro condos, and society will largely adapt as a result.
Think of the fallout from this!
Furniture designers, appliance retailers, and scores of “smart” products will all be affected by the size of properties in which people live.
Just to show you that the 279 square foot unit at “United BLDG Condos” isn’t an anomaly, here’s a 300 square foot condo at the “YSL Residences” at Yonge & Gerrard:
(Courtesy of Condonow)
Just in case you had your chequebooks ready, this condo is $459,900.
That’s $1,533 per square foot!
And despite the fact that this 300 square foot unit is larger than the 279 square foot unit above, the layout is actually worse, since the living/dining/kitchen is smaller.  Note the large hallway entrance – this is BRUTAL for such a small unit!
Is that a TV across from the bathroom?
It’s just crazy.
And the prices, wow!
How does this make any sense?
You’ve heard my pre-construction rants for over a decade now, but geez, why would anybody pay $1,533 per square foot for a pre-construction condo when they can buy across the street for $800?
Am I losing my mind here?
What’s going on?
youtube
Yeah, exactly like that.
Well, if this is the part where you’re hoping I tell you that over $1,700 per square foot is an April Fool’s Day joke, you are sadly mistaken.
Because it is both sad, and a mistake, in my opinion, that we’re starting to build sub-300 square foot condos in the downtown core.  I understand that not everybody can afford to buy larger condos, but not everybody needs to own either.  As rare as it is to hear a real estate agent say that, I just think this obsession with ownership and the entitlement that leads people to think they “should” live five minutes from work, has brought us here.
Let’s see how many more new developments give us floor plans like those shown above…
The post Micro Condos Are The Future of Downtown Toronto appeared first on Toronto Realty Blog.
Originated from https://ift.tt/2WBzzm2
0 notes
rebeccahpedersen · 5 years
Text
Micro Condos Are The Future of Downtown Toronto
TorontoRealtyBlog
I have never taken a big interest in April Fool’s Day.
That’s not to say I have no sense of humour, but just the idea that we pick one day per year to play pranks really takes the element of surprise out of the equation.
Anybody who follows the comedic staples on Instagram would have undoubtedly seen this a couple of times:
Right.
Kudos to Gail.  You have to admit, she’s trying!
It sort of reminds me of a company meeting we had 5-6 years ago where an older lady stood up during the Q&A after the “Social Media” presentation and said, “How do I…..do…..a Twitter?”  Applause ensued.  Hey, she was trying.  She smiled when she asked the question, she wasn’t quite sure of the verbiage, but she stood up nonetheless.
Gail, you’re an Instagram legend, even one year after your epic April Fool’s Day prank.
On Monday, I fell for not one, but two real estate related April Fool’s Day prank.
Do you have one of those email accounts you use for ordering pizza, signing up for Best Buy when you order one $9 cord online, and subscribing to real estate websites?  I do.  It’s the same Hotmail account I’ve had since 1997.  So while looking through my copious amount of eBay emails on Monday, I saw one from Condos.ca about the “first and only dog condo” in Toronto.
So cool, I thought!
I remember the first condo to have no parking spaces, marketed as the first only “bicycle condo,” so wasn’t it only a matter of time before we saw a condo that had no restrictions on pets?  Or, wait.  What is a “dog condo?”  The more I read, the more I realized this made no sense.  A dog condo, like, for dogs?
Then I read more, and I realized this was a joke.
Ah, yes, it was April Fool’s Day, after all.
But I read the entire thing!  I clicked all the links!
It was really funny, really creative, and I have to give them credit for putting so much work into this.
Check it out HERE.
And they even started a website called www.condogs.ca
Great work!
But the day was still young, and I had yet to perk up from my morning coffee.  So upon seeing my colleague, Steven Fudge’s latest blog post advertised on Facebook, I was hooked!
“You Can Buy A Sleeping Pod In A Toronto Micro Condo For $49,900”
For those of you that don’t read Steven, you’re missing out.  He’s very unique, as is his writing style, and he’s always got something interesting to say.  Bookmark him and you won’t be disappointed.
I started reading the blog post, and I was just shocked.  “What is this city coming to?” I thought, upon seeing what people are resorting to:
Ashamed as I am to admit this, it wasn’t until I saw Gotcha! Happy April Fool’s! that I realized this was all a joke.
Am I stupid?  Gullible?  Or both?
I was just tired.  Oh, so, so very tired on Monday morning after very little sleep and a lot of……umm……what do they call it……….ah, parenting, on the weekend.
I feel as though if you’re not paying extremely close attention, and if what’s in front of your eyes is convincing enough, your brain allows you to believe it.  That photo above with the guys sleeping in pods is real, after all.  That’s in China.
And we all know that, as Britons found out on April 1st, 1957, spaghetti does grow on trees.
youtube
    That truly is the greatest April Fool’s Day prank ever played.  And I fell for that as a child when my Dad showed it to me on TV.
Anyways…
Upon falling for Steven Fudge’s “micro condo pod” story, I began to consider just how small condos have become.  In fact, this has been on my mind since the Liberals announced their budget two weeks ago, and a couple of readers commented that their plan to help first-time buyers, who are purchasing for under $480,000, might cause developers to build smaller condos.
Well, they’re already building smaller condos.
So can they start building them even smaller?
If, for argument’s sake, this first-time home-buyer loan from the federal government (or shared mortgage, whatever you want to call it) has legs, then it’s possible that will push the lower end of the market, across the country, and even here in Toronto.
If, for argument’s sake, there are more and more buyers looking for $350,000 condos in downtown Toronto (that currently don’t exist), it’s possible that developers will start building them.
And where does that leave the rest of us, ie. those that don’t want to live in micro-condos?
Well as I said, it’s already happening, and the writing has been on the wall for some time.
Think about how a developer makes his money; he sells gross floor area.
Let’s say that a developer purchases a site, and the buildable area is 400,000 square feet.  Maybe the condo is 100 feet wide, by 100 feet deep 44 stories high, and minus elevators, common area, and mechanical rooms, there’s 400,000 square feet of upon which to build condos.
If a buyer wanted a 400,000 square foot condo, then great!  The developer will just sell all 400,000 square feet and be done with it.  But we know this isn’t how it works, so the developer will chop up the 400,000 square feet into multiple units of varying shapes, sizes, floor plans, and combinations of beds and baths.
Maybe the developer chops up the 400,000 square feet into 100 units, or maybe it’s 500.  Who knows.
How the developer determines this is a combination of saleability and marketability, ie. what can be sold, and for how much.
There’s a larger market for smaller units, and smaller units sell for higher prices, so it seems to reason that most of a new development will be small 1-bedroom condos.  It didn’t use to be this way.  When I got into the business in 2004, the larger the unit, the higher the price per square foot!  Just imagine how crazy that would seem today?
So let’s consider that in, say, 2008, you might be looking at a 565 square foot condo for $500 per square foot, or $282,500.  That was affordable for a lot of folks then, but folks today can only dream about that price point.
As time went on, and prices went up, the price per square foot increased along with the absolute price, ie. unit price.
What we have come to realize in 2019 is that developers are not concerned with the price per square foot, since consumers clearly aren’t, and instead they are looking at the absolute price.
Today, a buyer might think they have struck gold to find a condo for “only” $399,000.  But whereas in 2004, this purchased a 1,050 square foot unit, in 2019, it might only purchase a 362 square foot unit.
And that is why units are shrinking in size.
It’s not because of what people want, it’s because of what people can afford.
Tell me that people want smaller units, and I’ll you you’re wrong.  This is merely a function of price, and it’s been force-fed to us by developers who recognize that setting a unit-size floor of 580 square feet, like we used to see in 2004, might set a price floor of $600,000, and that’s not going to attract buyers.
Do you know what will attract buyers?
Condos @ Dundas & University, Starting From $479,900 – On VIP Sale NOW!
That’s highly attractive…..
……to morons.
Because not only are these pre-construction condos that may never be built, may be cancelled, may be delivered in 2028, may have insane closing costs, may be in “occupancy” for two years, and so on, but these are…………wait for it…………..279 square feet in size.
Yup, and if you do the math, you’ll see that this is a whopping $1,720 per square foot.
Oh, so now I’m not a jerk for calling would-be buyers, “morons?”  Admit it, you were thinking that…
Yes, $1,720 per square foot, which is just absurd.  It’s also insulting.  But I’m sure sales are fantastic!
What does a 279 square foot condo look like?
This:
(Courtesty of Condonow)
That’s a kitchen, living, and dining all combined into one room that’s 12’1″ x 10’0.”  I don’t want to sound like a jerk, but my office is 17′ by 16′.  Wait, come to think of it, my office is the overall condo size!  I don’t know how I can come in here every day with the same perspective…
But consider 12’10” x 10’0″ when having to find a place for your fridge, stove, dishwasher and/or microwave if you can fit them, kitchen sink, bed, and somewhere to put clothing, and maybe, I dunno, stuff?
While I recognize that there are people all around the world living in smaller spaces, I just don’t know that this is going to work in Toronto.
At the risk of sounding repetitive, it warrants mentioning once again: nobody wants to live in spaces this small; these are being built by developers who are chasing a price-point.
And that’s the sad reality of our market.
Developers, who effectively run the city of Toronto (at least the downtown core), can’t build larger units because the market for them is smaller.  And what this means, in my opinion, is that thirty years from now, the entire downtown core will be full of micro condos, and society will largely adapt as a result.
Think of the fallout from this!
Furniture designers, appliance retailers, and scores of “smart” products will all be affected by the size of properties in which people live.
Just to show you that the 279 square foot unit at “United BLDG Condos” isn’t an anomaly, here’s a 300 square foot condo at the “YSL Residences” at Yonge & Gerrard:
(Courtesy of Condonow)
Just in case you had your chequebooks ready, this condo is $459,900.
That’s $1,533 per square foot!
And despite the fact that this 300 square foot unit is larger than the 279 square foot unit above, the layout is actually worse, since the living/dining/kitchen is smaller.  Note the large hallway entrance – this is BRUTAL for such a small unit!
Is that a TV across from the bathroom?
It’s just crazy.
And the prices, wow!
How does this make any sense?
You’ve heard my pre-construction rants for over a decade now, but geez, why would anybody pay $1,533 per square foot for a pre-construction condo when they can buy across the street for $800?
Am I losing my mind here?
What’s going on?
youtube
Yeah, exactly like that.
Well, if this is the part where you’re hoping I tell you that over $1,700 per square foot is an April Fool’s Day joke, you are sadly mistaken.
Because it is both sad, and a mistake, in my opinion, that we’re starting to build sub-300 square foot condos in the downtown core.  I understand that not everybody can afford to buy larger condos, but not everybody needs to own either.  As rare as it is to hear a real estate agent say that, I just think this obsession with ownership and the entitlement that leads people to think they “should” live five minutes from work, has brought us here.
Let’s see how many more new developments give us floor plans like those shown above…
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