Tien Sher, a Surrey condo development company, is hoping to build what would be Canada’s smallest condo. The Vancouver condos for sale, would start at a mere 290 square feet, with other suites ranging in size from 305 square feet to 653 square feet.
The Tien Sher project, known as Balance, would see about 56 of these very small micro suites built in the four-storey building. These suites would have five stainless steel appliances, a balcony and hardwood floors throughout.
Sixty per cent of the building would be made of these mini-suites, which would be less than 305- square foot dwellings. The largest of the suites, the one bedroom units, are set to be 653 square-feet in total.
The aim of the project, says company president, Charan Sethi, is simply to create more affordable housing for people. For those average income households, these condos would be a good deal more affordable.
The building would be set in the Quattro development, a mere seven minutes from the Gateway SkyTrain Station on 108th avenue.
By building smaller units and denser designs, more people would be able to afford to buy their own Vancouver condo for sale. The suites start as low as $109,000. Thus, the company hopes that more people living on what are average incomes will be able to buy into their own real estate.
For those who can manage a six thousand dollar down payment and who make at least $17 dollars an hour, these homes offer an affordable option. With an average income of about $35,000 and monthly payments of only around $650 a month, many working people would find this condo to fit within their budget.
Because new mortgage rules have made it tougher for people to quality for mortgages due to rules limiting the amortization periods to 25 years, fewer people are able to get into the Vancouver real estate market. The slowdown over the past few months is in part a reflection of this.
So far it seems the Surrey city council is responding favourably to the plans, so if all goes well, the development should be going forward in the near future.