​Micro condos gain ground

by |
With more people wanting to live nearer the city core there is a growing interest in micro-condos. For those who put location above space they make an ideal choice with prices starting below $200,000. Smart House Ottawa and Reliance Properties are two firms that have seen an uptick in the sector. John Stovell from Reliance told The Huffington Post that people are realising that the lifestyle they want doesn’t have to be within their own four walls and that their social status isn’t about the size of their home. It’s an interesting shift in the mindset of young urbanites. The only hurdle is more limited mortgage options; some lenders will not even consider smaller properties, while others will do so but at less favourable terms than for a regular condo.

 
  • Angela Wong-Liao - Invis on 2014-12-24 9:10:49 AM

    Micro condos creates an issue in financing as some lenders will not consider if unit is smaller than 600 sq ft, some lenders may consider on exception but potential higher pricing and limited terms.

    Some lenders consider higher risks because it is a lot more difficult to sell than regular size condos should applicants defaulted in payments and market value dropped.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions