Downsizing the family home

[ronandannette]

Wow what does your son do that he can’t afford a mansion? A house that big here would be a few million dollars

I think these are what was referred to as “McMansions” during the US housing frenzy of the early 2000’s that contributed to the sub-prime mortgage crash. I’ve honestly never heard a fully-understandable explanation on how they got produced so cheaply; their industry is very different than ours.

In your city and mine, zoning for new residential is very dense; around 70 single-family units per hectare; a half-acre urban or suburban lot is a fantasy. Most new builds are on 50ft. frontages, which limits the size of most to a max. of 2,000 ft.sq. The median new home price here topped $700,000 for the month of June, and that’s for the type of home you’re describing. You absolutely have to go condo if you want a new build under 1/2 million.

 

[CdnCarrie]

I think these are what was referred to as “McMansions” during the US housing frenzy of the early 2000’s that contributed to the sub-prime mortgage crash. I’ve honestly never heard a fully-understandable explanation on how they got produced so cheaply; their industry is very different than ours.

In your city and mine, zoning for new residential is very dense; around 70 single-family units per hectare; a half-acre urban or suburban lot is a fantasy. Most new builds are on 50ft. frontages, which limits the size of most to a max. of 2,000 ft.sq. The median new home price here topped $700,000 for the month of June, and that’s for the type of home you’re describing. You absolutely have to go condo if you want a new build under 1/2 million.

Totally agree. And the zoning laws makes sense why we don't 'have these huge McMansions in our city. Most new builds are two stories and cab overs. And yes lots of multi generational families from Asia.

 

[china mom]

I think these are what was referred to as “McMansions” during the US housing frenzy of the early 2000’s that contributed to the sub-prime mortgage crash. I’ve honestly never heard a fully-understandable explanation on how they got produced so cheaply; their industry is very different than ours.

In your city and mine, zoning for new residential is very dense; around 70 single-family units per hectare; a half-acre urban or suburban lot is a fantasy. Most new builds are on 50ft. frontages, which limits the size of most to a max. of 2,000 ft.sq. The median new home price here topped $700,000 for the month of June, and that’s for the type of home you’re describing. You absolutely have to go condo if you want a new build under 1/2 million.

Definitely a difference in building costs and the cost of land, not only between the US and Canada but between areas here in the States and even within states. Our current house/land would probably sell for $1.5M a mere 30 miles from where we are (if you could even find a comp).

We don't think of our house as a McMansion, just our normal house but that is probably because of the area we are in. I might have called it a McMansion if I found it in one of the more densely populated areas of my state.

Our starter home as newlyweds was 2000 sq ft on .25 acre.

Current: 5200 sq ft 1.2 acre lot.

 

[Kitty 34]

We have always lived in our ranch. It was a bit small when raising three sons but just perfect now for when the grands come to visit or the occasional son and DIL and dogs.

 

[kdonnel]

what are the average lot sizes those houses are on?

Depends.

New construction in a new neighborhood, 1/4 acre to 1/3 acre. I have 5300+ sq feet counting the 1200 in the finished basement on a 1/4 acre lot built in 2005.

New infill construction, 1/2 to 1 acre but the home is likely 6000+ not counting any unfinished basement.

Basically if the home is in a neighborhood constructed in 2000 or later expect it to be 1/4 to 1/3. If the home is in a neighborhood constructed prior to 2000 the lots get bigger the older the home.

 

[bluezy]

Definitely a difference in building costs and the cost of land, not only between the US and Canada but between areas here in the States and even within states. Our current house/land would probably sell for $1.5M a mere 30 miles from where we are (if you could even find a comp).

We don't think of our house as a McMansion, just our normal house but that is probably because of the area we are in. I might have called it a McMansion if I found it in one of the more densely populated areas of my state.

Our starter home as newlyweds was 2000 sq ft on .25 acre.

Current: 5200 sq ft 1.2 acre lot.

Yes! Location, location, location. We have a 4,000+ sq. ft. house on 4 acres of land. A similar size house 30 miles away would cost more than twice what ours would list for in this area *and* it would only be on a 1/4 acre of land. Head the opposite direction and we could have several acres of land and a 5,000+ sq. ft. house for less than what our current house would list for.