Micro-condos promoted as 'affordable luxury' real estate in Surrey

As prices in Greater Vancouver real estate keep rising, some developers are shrinking the size of homes to promote "affordable" condos.

Concrete tower in Surrey, B.C., includes downsized suites for less than $94K

Potential buyers eye the display suites at a promotional event for Evolve condo development in Surrey, B.C. (CBC)

The developer of a 35-storey concrete tower in Surrey, B.C., is the latest to jump into the small-home trend, with suites as small as 316 square feet offered to buyers for $93,900.

They're being billed as "affordable luxury," and a way to purchase something for under $100,000 in Greater Vancouver's hot real estate market.

"It is a perfect suite for bachelors, or single people or if you're just trying to get into the market," said Bill Morrison of Platinum Project Marketing, during a tour of the building's display suite.

Bill Morrison of Platinum Project Marketing shows off the display unit's small fridge stocked with beer and pizza 'typical of a student,' he says. (CBC)

Space-saving strategies include a clothes rack that slides out from the wall, rather than a traditional closet with opening doors. The display suite's couch pulls out into a bed.

"We're using the volume of the space, not just the square footage of the space," Morrison said.

The suite boasts stainless steel appliances, but on a smaller scale. The display fridge was filled with beer and pizza "typical of a student," said Morrison.

"To be honest with you, it's fairly small, but for the price, it's worth it," said Ramadan Eshref, who visited the sales centre and was considering buying a suite in the building for his son, a recent university graduate.

"For a single man like my son, for example, it's reasonable. Hopefully it will be a start for him."

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