Everyone seems to think that the old cliché is true, that bigger is better. But when it comes to real estate, it seems like the next big movement in properties is the exact opposite—in fact, an extreme opposite. The new trend is actually to go quite small with the new “micro-condo” becoming the next hot commodity. This small condominium typically is around 300 square feet, which is approximately the size of two standard parking spaces. If the thought of living in 300 square feet seems daunting, remember that many citizens of Asia and Europe have been doing just that for decades. Because these foreign cities are so densely populated and tightly packed, living space is at a commodity and many people have learned to sleep, cook and live all in just 300 square feet or less. It is only recently that this idea has crossed over to North America and started to take Vancouver by storm.
$94K micro-condo in Surrey attracts hordes of home buyers http://t.co/MAIxaeAIgu
— Pro Mover Vancouver (@mover_vancouver) April 12, 2015
One such micro-condo owner is Samuel Baron, a grad student, who is paying a little more than $1000 a month in rent for a 248 square foot living space. This is less than a small downtown apartment, but also significantly smaller than one. The bottom line is that cost and the harsh reality of the Vancouver real estate market are making the micro-condo movement a viable option for many who otherwise could not afford to own property in the expensive city. This trend is also pushing East across Canada to other major cities and small towns as well.
Toronto is the most recent city that has caught on to the trend. Currently, there are condominiums in the heart of downtown Toronto that only measure in at 290 square feet. However, these units are now selling for approximately $250,000. Many real estate analysts see this as a way of getting young people, the so-called “Millenials,” into the real estate market by giving them a much more affordable option than the $1 million homes that are becoming the average in cities like Vancouver. However, some are also worrying about the possibility of physical and psychological detriments from living in cramped homes. The lack of space may contribute to a more lethargic lifestyle while the closed quarters may add to depression and dreariness. In addition, if you have noisy neighbors then you also run the risk of not being able to move into a far corner of the condo to get away from the sound since there are no far corners in such a situation.
If you like this article you may be interested in reading about Micro Condos For
Millennials
Toronto is the most recent city that has caught on to the trend. Currently, there are condominiums in the heart of downtown Toronto that only measure in at 290 square feet. However, these units are now selling for approximately $250,000. Many real estate analysts see this as a way of getting young people, the so-called “Millenials,” into the real estate market by giving them a much more affordable option than the $1 million homes that are becoming the average in cities like Vancouver. However, some are also worrying about the possibility of physical and psychological detriments from living in cramped homes. The lack of space may contribute to a more lethargic lifestyle while the closed quarters may add to depression and dreariness. In addition, if you have noisy neighbors then you also run the risk of not being able to move into a far corner of the condo to get away from the sound since there are no far corners in such a situation.
If you like this article you may be interested in reading about Micro Condos For
Millennials