One of the most important issues in today’s GTA residential Real Estate market is the lack of affordability.
What can be done to address this important issue?
We need to find ways to decrease the cost of land through efficiency in design.
One example of this is what I call “Back to Back Singles”.
It is essentially a semi-detached house that shares the same outside wall as the house behind it.
From the street it appears to be detached.
Like Mattamy’s “wide lot” (aka wide shallow) design it would be a shallow, more square than rectangular house design.
So like Mattamy’s design, it would appear larger than it actually is, and it would also be more prestigious looking than a regular semi-detached.
No outside space, you say?
Add a hidden roof top terrace, completely private from view behind a pitched roof.
Many first time buyers are millennials who prefer not to have to cut grass.
They would have the benefit of the outdoor space without the maintenance of a backyard.
It could be designed to be safer for small children than a backyard.
Reducing the amount of land used by one third means Developers could supply significantly more houses in their development, which translates into the Developer making more money.
A higher density of homes in a Development contributes in a positive way to the shortage of supply in the marketplace.
A lower price means more first time buyers can afford to buy the “Back to Back Singles”.
Reducing the cost of land by one third could save consumers $150,000 or more!