How much space does a family really need to live in?

With ever-increasing house prices, affordability is the driving factor for many families who decide to opt for smaller square footage. However, there’s a growing number of families who are living small out of choice, not just necessity. Why?

For many it comes down to the age-old debate between suburban and city lifestyle trade-offs. Factors including transport options and lower commute times, as well as easy access to cafes, shops and facilities, have long been quoted by those who choose to live in close proximity to the downtown core.

Building amenities such as sports complexes and swimming pools are another attraction of living in condo and townhome developments, while environmental concerns and carbon footprints are also a growing influence in determining whether people move to smaller spaces.

For those who go down this route, there are a surprising amount of affordable townhomes and condos to choose from. So far this year, there have been 903 3-bedroom condos and townhomes listed in Vancouver for under $1 million. To date, 811 of them have been sold, showing this kind of housing is an active, busy market. And with one townhome priced at $438,000, prices are not always out of reach for Vancouver families. If you’re looking for something brand new, Wesgroup has 30 3-bedroom condos and town homes all under $1million, in their developments at Brewery District and River District, with prices starting at $564,900.

What about fears that buying a condo or townhome now means getting stuck in it forever as prices for other properties continue to rise beyond reach? Here are some interesting recent statistics compiled by the REBGV that show benchmark prices for condos and townhomes in Vancouver are not only rising after years of plateau, but they’re also rising at the same rate. So if you want to move up the property ladder – from condo to townhouse – you can.

Image: BuzzBuzzHomeWest / infogr.am

Of course, property is a deeply personal choice, and sacrificing some square-footage for the lifestyle benefits that come with living closer to amenities isn’t going to suit every family. But for those who aren’t sold on the idea of moving to the suburbs, there is an increasing number of attractive and affordable developments designed specifically for families.