In a recent interview with Simon Giannini and Erin McCoyon on AM640, RealNet president George Carras identified a growing trend of smaller condo sizes throughout the Greater Toronto Area.

He said that the average GTA condo has lost 110 square feet, or the equivalent of a 10-foot by 12-foot room, since 2009.

Carras said that this theme, which he suggested is partially influenced by a market preoccupied with growing “up, not out,” is a result of the introduction of HST in 2009.

“As a result of that (the HST), there was a net new cost that was introduced into the development cost of a new condo,” he said

In response to these new costs, developers and builders have tried to create efficiencies in units, sizes and configurations. In order to maintain price, overall unit sizes have been affected.

Carras said that he thinks urban intensification will continue throughout 2014, and new migrants to the city will be a factor fuelling supply and demand.

“‘Grow up, not out’ is going to continue in 2014,” he said. “If you look even further than that, the growth plan for 2036 is calling for 2.5 million more people to move to the GTA. They’re going to need a place to live.”