Billed as Canada’s smallest condominiums on the market, 56 “micro-suites” in the Balance development will go on sale in North Surrey on Saturday (April 20).
The four-storey structure, to be built by the Tien Sher Group of Companies at 108 Avenue and Grosvenor Road, and to be completed by the summer of 2014, will feature apartments as small as 297 square feet.
With prices as low as $109,900, the project is designed for first-time home buyers lacking the income to afford the traditional larger home.
“We had a huge number of people looking to buy (in other projects),” said Cheran Sethi, president of the Tien Sher Group. “But they couldn’t afford the prices, because they didn’t have enough for a down payment or because of their income level.
“So we started working backward, looking at what they could afford. What we came up with is not a lot of space, but still a very nice home.”
Sethi said that with a down payment of $6,000, the suites are affordable for buyers earning $17 an hour. And judging by the reaction from those attending an open house last week, or asking for information online, Sethi believes there is a demand.
“We had a lot of people go through last week, and their first concern was it would be too small,” he conceded. “But each suite has all the basic requirements, including some outside space. Everything’s there.”
Pre-sales begin Saturday at noon. More information is online at liveatbalance.ca