Depending on your situation, a tiny apartment may be the way to go.
In an expensive city like Vancouver, a small condo could get your foot into the real estate market.
In addition to saving a lot of money for a property purchase, living in a tiny dwelling offers many other benefits.
For one, it could help you declutter, finally.
A small condo may also lead to a healthier lifestyle, as this could encourage you to spend more time outdoors.
As for Mother Earth, it means a smaller carbon footprint.
Here’s an example.
A 365-square-foot condo in Vancouver sold this month after spending only five days on the market.
The studio unit at 1009-3438 Vanness Avenue was listed on February 2 for $355,000, and a buyer picked it up on February 7 for $368,000.
This means that the small condo at The Centro, a 1998 development by Concert Properties, went for $1,008 per square foot.
The 16-storey building is located across Joyce-Collingwood SkyTrain Station, and is near shops and parks.
The Vancouver real estate sold by Selmak Realty Limited has a 2022 assessment of $334,000.
Realtor David Hutchinson is an avid observer of the housing market.
The Sutton Group-West Coast Realty agent noted that there are many freehold strata units in and around Vancouver that suit the needs of people who cannot afford yet bigger homes, especially young first time home buyers.
“You can find several of these in the West End neighbourhood of Vancouver, where living in smaller units is easy because of the convenience of the location,” Hutchinson told the Straight in a phone interview.
Hutchinson cited as example a listing for 1104-1221 Bidwell Street in the West End.
The 416-square-foot Vancouver real estate has an asking price of $619,800.
Located at the Alexandra condo development, the fully-furnished studio is steps away from Stanley Park, restaurants, and shopping.
“I have clients looking for small spaces, micro-condos, micro-suites, pied de terres, whatever you call them,” Hutchinson said.
“Why? Because they're active people who spend little time at home, and appreciate the lower taxes and maintenance fees the smaller units provide,” Hutchinson said.
Speaking about maintenance fees, the strata fee for 1009-3438 Vanness Avenue comes to $266.83 per month.
That’s 73 cents in maintenance fee per square foot.