An introduction to micro units
As home ownership aspirations adapt to urban living, micro units are emerging as the answer to space issues and financial challenges. Here’s a primer on micro units and how they might be suitable for you too.
What is a Micro Unit?
A micro unit, typically found in studio apartments, is an exercise in space efficiency. Ranging from 100 to 500 square feet depending on where you’re located, these units redefine what it means to live small, ensuring a full living experience with a minimal footprint. In Vancouver, legal dwelling unit sizes can go as low as 320 square feet.
Who chooses this lifestyle?
Who chooses micro living? Micro living appeals to a diverse range of individuals, from young professionals and empty nesters to environmentally conscious individuals seeking a minimalist lifestyle. With the cost of living in Canada rising significantly in recent years, those who settle in these smaller units can enjoy lower maintenance costs and a more sustainable way of life. Micro units are often located in prime urban areas that are close to amenities, public transport and city life. This makes micro living a good choice for the modern city dweller.
What about financing?
Financing a micro unit can be a little different from other units. Some of the banks, such as TD and Scotia bank have restrictions on their policies for units under 600 square feet. Sizing restrictions will vary amongst the banks, so it’s best to check in-person with a Mortgage Specialist.
Conclusion
While micro living may not be suitable for everyone, it offers a unique opportunity for those seeking an affordable, minimalist, and sustainable lifestyle in urban centers across Canada. As cities continue to adapt and embrace this trend, micro units are poised to become an increasingly viable housing option for homeowners and aspiring buyers alike.
You must be logged in to post a comment.