NEWS

Micro-condos promoted as 'affordable' real estate in Surrey

01/26/2015 05:49 EST | Updated 03/28/2015 05:59 EDT
A 35-storey concrete tower in Surrey is the latest to jump into the small home trend, with suites as small as 316 sq. ft. offered to buyers for $93,900.

They're being billed as "affordable luxury," and a way to purchase something for under $100,000 in greater Vancouver's hot real estate market.

"It is a perfect suite for bachelors, or single people or if you're just trying to get into the market," said Bill Morrison of Platinum Project Marketing, during a tour of the building's display suite.

Morrison explained how the developer had built components to use the space strategically, such as a clothes rack that slides out from the wall, rather than having a traditional closet with opening doors. The display suite's couch pulls into a bed.

"We're using the volume of the space, not just the square footage of the space," he said.

It boasts stainless steel appliances, but on a smaller scale. The display suite's fridge was filled with beer and pizza "typical of a student," said Morrison.

"To be honest with you it's fairly small, but for the price, it's worth it," said Ramadan Eshref, who visited the sales centre and was considering buying in the building for his son, a recent university graduate.

"For a single main like my son, for example, it's reasonable. Hopefully it will be a start for him."

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