REM – Canada’s smallest condo units planned
December 6, 2012 Leave a comment
Surrey, B.C. may soon be home to the country’s smallest condominium units.
Developer Tien Sher’s latest project, Balance, is a four-storey building with 56 micro suites, with the smallest to be just 290 square feet.
“We wanted to build suites that renters could afford to purchase today,” says Charan Sethi, president of Tien Sher. “With suites starting at $109,900, if you can afford the $6,000 down payment, and you make a salary of $17 per hour, we have a home for you.”
Sixty per cent of the Balance suites are 305 square feet or smaller. All micro suites will contain five stainless steel appliances, hardwood floors and a balcony. The largest suite in the complex is a one-bedroom at 653 square feet.
While prices are not finalized, Sethi says the profit margin is “very tight” on the project to keep the homes affordable. These homes will be the best prices in the Lower Mainland, the company says.