Canada's smallest condos in Surrey

[dinosaur]

‘Canada’s smallest-ever condominiums’ start at 297 square feet in Whalley | Globalnews.ca

New Homes from $109,900! | Live at Balance

So taking the purchase price of $109,900 and doing a ROUGH mortgage payment estimation, you are looking at about $550.00\month.

I have 6 bachelor apartments at my buildings that rent from $650-720 that are roughly the same size...a little outdated, no dishwasher, and no laundry (an optional upgrade at Balance).

Definitively an investment worth considering, I think....

[LiquidTurbo]

Better than renting, if it's THAT cheap.
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[Mr.HappySilp]

Originally Posted by LiquidTurbo

Better than renting, if it's THAT cheap.
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Thats the start price. I say it is more closer to !20k to 130k range but still a good place. My mom show me the ads the other day. I was surprise how small it is.

[snails]

well considering im paying 600$ a month for a 500 square foot basement and will never have anything to show for it i see it as good value, would never consider a family there of course, but good for a single person or couple, im worried about resale, i cant imagine it ever being worth much even if the markets go up

[dinosaur]

It IS small, but like I said....my bachelors are just as small and I ALWAYS have people wanting them. As soon as I advertise them for rent, they are gone!

Single people are in desperate need for places that are under $750\month. And, if you are a single person, you really don't need a 1 bedroom apartment.

I think we are going to visit the presentation centre and see what type of rental restrictions there would be.

If you take the purchase price of $109,900 and drop a $40k down payment, you'd be looking at about a $320 monthly mortgage payment. I would imagine that strata would be $75-$125. There is the potential to be able to make about $300\month in rental revenue.

[dinosaur]

Originally Posted by snails

well considering im paying 600$ a month for a 500 square foot basement and will never have anything to show for it i see it as good value, would never consider a family there of course, but good for a single person or couple, im worried about resale, i cant imagine it ever being worth much even if the markets go up

I think conservatively if you are looking to re-sell in 5-10 years, it could go somewhere in the $140s? maybe?

[yray]

that's pretty big but in surrey

definitely worth it in dtwn tho

[snails]

we tend to follow trends from japan and Europe, the world is getting more populated and more expensive, eventually this will be the norm, investing early in something like this seems like a good idea if you plan to stay in the lower mainland, with the progression of cities like Abbotsford for example its hard to consider living in Surrey for another decade if given the opportunity to live somewhere more affordable comes up.

[dinosaur]

Its in an up and coming area with tons of new development (shopping, restaurants, condos, and townhomes)...steps to the skytrain...a block from SFU Surrey....20 mins to Vancouver.

Quit shit talking Surrey. If you have never lived there OR frequently go there, how can you be so quick to judge??

[snails]

Originally Posted by dinosaur

Its in an up and coming area with tons of new development (shopping, restaurants, condos, and townhomes)...steps to the skytrain...a block from SFU Surrey....20 mins to Vancouver.

Quit shit talking Surrey. If you have never lived there OR frequently go there, how can you be so quick to judge??

they are for sure cleaning up that area, it can be a mess sometimes, but with all the new development that area is cleaning up quick, i lived in Whalley for about 13 years, Guildford for about 3, Langley for 4 years and now back in surrey for the last 2-3, its not that bad. i would be more afraid to walk around some parts of Burnaby or van before i would be afraid anywhere in surrey lol... little bit off topic now but my 2 cents

[Hondaracer]

Myself and my parents have three rental units in and around king George, got them all below cost through developers and have been doing nothing but losing value since

Also the majority of the buildings are filled with degenerates who you couldn't pay me to live beside

With that said I live in surrey and love my area but the high volume building in that area isn't bringing in the the best crowd.
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[melloman]

Funny how this doesn't help the real estate market at all.

This is just a way that some smart people are going to get rich. With people not being able to afford bigger apartments, they make way smaller places and charge a slightly cheaper rate.

Through supply and demand, these prices will go up because demand is already crazy about them. Meaning these prices will get inflated, which inturn will just keep our housing prices just as high.

The only good thing here is, you can buy your 300sq. ft. condo now. Take 10 years to pay it off, then sell it and you'll have enough for a down payment on a 2 bedroom condo.

[drunkrussian]

centrally located close to crack, heroin, meth - this place is a steal! And by that I mean you will get robbed
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[AAnthony]

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[knight604]

surrey?

[Yodamaster]

So this is what they call a home nowadays... pathetic.

[fliptuner]

Whalley is still the shittiest part of Surrey.

New stores, new condos, UniverCity, so what? The majority of the people living there are still the same and the cost of property only facilitates it.

Sure the area is starting to look nicer but it doesn't necessarily change who lives there.

[dinosaur]

Owners of these condos need to stop renting to people on social assistance. To do this, they need to charge $800+month. This is how New West is slowly getting rid of the less than desirables.

From what I understand through dealing with this, welfare\disability\ministry of housing, etc will not give fund people where rent is $800 or more\month.

As soon as we brought our rents to $800+ we automatically cut all those people out. Works for me.


Or, for those bitching about the cheap prices...you can go ahead and spend $400k + $400 strata for a condo and live house-poor for the rest of your life.

[El Bastardo]

Originally Posted by dinosaur

Quit shit talking Surrey. If you have never lived there OR frequently go there, how can you be so quick to judge??

FUCK SURREY

[knight604]

Originally Posted by El Bastardo

FUCK SURREY

FUCK SLURREY

[BBMme]

tempting, but ya surrey hmmmm and now they have the toll......

[fliptuner]

Charge $800/month for a shoebox in an area where places that are twice as big and cheaper are readily available.....because people love paying mortgages on empty properties.

[smarv]

I like the idea of smaller and more affordable housing. For someone like myself who works goes to school and is constantly out I'm pretty much never home but I still need a place to store my clothes, shower and sleep. But the fact that I would have to live around the riff-raff of gateway station Surrey scares me a little. Now if someone could develop something like this on a large scale somewhere more central in vancouver with a similar price point I would be all over it. I think this idea is also needed around Universities so by the time a student finishes his undergrad he will also have payed off half his mortgage instead of throwing it away to dorm rentals and getting nothing back.

[fliptuner]

Originally Posted by smarv

Now if someone could develop something like this on a large scale somewhere more central in vancouver with a similar price point I would be all over it.

There are similar properties in Vancouver (mostly factory/industrial conversions) but nowhere near the price. Come on man, you can't compare Van prices to Surrey. You gotta pay to play.

[FerrariEnzo]

as long as it has all the basics (especially wash/dryer) then its not a bad price..
but too far for me to travel to work.. commute to Richmond would be a bitch especially during rush hour...