Micro condominium in Surrey, B.C.

Suites as small as 290 square feet

By: Mark Schadenberg

Seniors Real Estate Specialist

Royal LePage Triland

Woodstock, Ontario

(519) 537-1553

Four-storey project seeking approval 

SURREY, B.C. -- Stories about tiny apartments in places such as Japan have been discussed for years.

Anyone wanting to live anywhere near the core in Toronto realize that cost per square foot of a condominium in a high-rise building can be quite expensive, with a significant charge for parking above that.

Canada’s smallest condo dwellings could soon be hitting the market in a large community where there is limited land to expand cities. In Vancouver, you’re either surrounded by water, the U.S., or mountains.

I read a story in our Realtor’s REM magazine (www.remonline.ca) for the December issue, noting  Vancouver area developer Tien Sher is about to begin construction on a 4-storey condominium project with 56 suites. Balance, which is the name given to the building, will feature apartments – living dwellings – as small as 290 square feet (essentially that is less than 20’ x 15’). The largest living space will be 650 square feet.

Since price point is always important, the price tag will start at $109,000 in this brand new building.

While the story did not indicate what the condo fee will begin at, the focus of the project is to attract people who currently rent.

“. . . If you can afford the $6,000 down payment, and you make a salary of $17 per hour, we have a home for you,” said Charan Sethi, president of Tien Sher.

Each unit will include a balcony, five stainless steel appliances and hardwood floors.

These ultra small condominiums may soon become quite common.

Peter Simpson, who is the president of the Greater Vancouver Home Builders Association, says: “This is an idea I expect to see emulated throughout the region in the years ahead.

“With mortgage amortization of 25 years, coupled with the high cost of developable land in the Lower Mainland, micro suites are a sensible and cost-effective option for single people looking to purchase their first home,” Simpson explained.

After Surrey city council passes the building plans, Tien Sher may begin selling the units in January.

By the way, a parking spot will cost extra.

If you haven’t bought a home in quite some time it is important to point out that even in Woodstock a reasonable 50’ x 100’ serviced building lot will now sell in the range of $100,000.

Mark Schadenberg

Email: mschadenberg@rogers.com

Call me to buy or sell in Oxford County or the surrounding area.