Thus as the cost of living rises, rather than move out, they are moving into smaller spaces.
In Vancouver, a set of well-located 226 to 291 square-foot units are filled within days, according a CTV news story out this week. A more typical studio apartment is usually double that size. Many of these new micro-lofts are the size of two parking spaces.
The Burns Block suites in Vancouver come with a fold-down bed, galley kitchen and built-in shelving. Developer Jon Stovell of Reliance Properties told CTV all 30 micro suites were rented within days of being released in September last year, mostly by young people who preferred the location but didn’t want the typical price.
“The city is your living room,” Stovell said. “You don’t need to use your own resources to recreate all that when you can just step out your door and enjoy a park, a beach, a restaurant, a café.”
According to the Canada Mortgage and Housing Corporation (CMHC), Vancouver has most expensive average rent in the country, at about $1,237 for a two bedroom unit.
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