Regardless of which survey you read, the issue of affordable housing tops the list for most Metro Vancouverites. And for good reason - with the average price of a single detached home on Vancouver’s West Side topping $2M and monthly rents for a one bedroom approaching $1600 on Main Street, living the West Coast Lifestyle is quickly becoming beyond the financial reach of many of its faithful citizens.
Add into the mix, the latest property taxes increasing as much as 40% in some areas, and it’s clear that in order to introduce affordable housing into the market we will need to get seriously creative.
And, that’s exactly what two forward-thinking real estate developers chose to do when they tackled this important issue on two of their latest successful Gastown projects. Taking cues from other cities such as New York, London and Hong Kong, what they discovered is that by re-evaluating how we use space and designing and building compact, no nonsense and high functioning homes, we can provide smart and affordable living solutions.
Let’s take a look at their unique approach.
Burns Block Micro Lofts
Located in the recently restored 102-year-old- Burns Block and developed by Reliance Properties, these 30 self-contained furnished rental apartments are under 300 sqft in size - making them some of the smallest in Canada. While seemingly microscopic in size, each home is supercharged with utility and features built-in pull-down wall beds, integrated folding tables, flat screen TVs, compact appliances, a bathroom and storage. Small yes, but to put this into perspective, these modern homes rent out at approximately $300 less than the average bachelor suite. www.microlofts.ca
21 Doors
In contrast to the heritage appeal of the Micro Loft, 21 doors is a contemporary redevelopment of a disused 1980 structure. Completely renovated, each of these 21 homes utilize the buildings no frills materials in the interior design to compliment the simple and clean finishings. By effectively removing all the non-essentials and re-purposing building, rather than starting new, Salient Properties has been able to offer cost-effective homes starting from $209,900 with a high level of design, character and even a shared courtyard. www.liveat21doors.com
In the end, the ideas in themselves are not new. But perhaps this is a sign that by looking at innovative solutions to aid in solving our housing problems, Vancouver is joining the ranks as one of the most enduring places in the world.
Cameron McNeill
