As housing prices continue to skyrocket in Vancouver, one developer is calling on the city to approve micro lofts as an answer.
“We’ve been able to develop livable and beautiful designs in between 250 and 400 [square] feet.”
Jon Stovell of Reliance Properties says these tiny units could be the first step for young home buyers who can’t get into the market.
And he’s not worried adding a stock of new, cheaper units could superheat the market, driving prices up.
“Everyone’s forgotten Economics 101 and there’s no bearing between supply and demand. If we had 10 of these units I don’t think they would reduce costs, what if we had 2000 – would they start to come down in price?”
Stovell says millenials live a different lifestyle – and use less space.
He says the units would give them a chance to start building equity.
The city says it won’t allow units under 400 square feet until it looks at the effect on parking, amenities, and land price.