After reading this article below, I like the idea of the new smaller spaces, I think they will help some buyers get their foot into the Real Estate market. Affordability is key in this Greater Vancouver market and in most cases it is better to own vs rent. Although, with such small spaces come along the problems with high density living. As a Realtor, I still see alot of negative reaction when showing higher density neighbourhoods and projects. Well, it is safe to say it these types of projects are a reality we all eventually have to face with Surrey being the "fastest growing city" in B.C.
Small Space Living
A recent development company has caused quite a stir with its new plans to create Canada's smallest independently-owned homes. The plan, once approved, will be a four-storey building containing 56 units; 60% of those units will be between 290 to 305 square feet (sq ft). The plan, proposed by development company, Tien Sher will be located in Surrey, BC (about 30 minutes from Vancouver) and is expected to go on sale in January 2013.
Interestingly, Canadians are no strangers to tiny living. Prior to Tien Sher project, the smallest home in Canadawas located in Toronto. It was built in 1912 and is only 301 sq ft. The home sports 1 bathroom, a tiny kitchen, a den that doubles as a bedroom and a fantastic fenced in patio. It was listed on the market in 2008 for $179,900
Article by Century 21.