High Rise Granny Flats Help Families Afford New Condos

Income from rental suites incorporated to a new condominium project in Vancouver offer mortgage help to families and affordable housing for young singles and seniors.

"It's been a long-time practice to build rental basement suites in houses, but suites in condos are a new idea."

Michael Geller, President of the UniverCity project at Simon Fraser University in Vancouver, heard from disgruntled students who said that the new condos would only be affordable to high income residents. In response, the developer incorporated three-bedroom condos, with one of the bedrooms designed as a self-contained suite -- either to be rented out, or occupied by another family member who wanted some independence.

"Each 22.3-square-metre room has its own entrance off the main corridor, with a bed, bathroom and kitchen."

"Geller said the model could work around the Lower Mainland of B.C., where housing prices are among the highest in the country. 'The idea could apply everywhere,' he said. 'Lots of people would buy a three-bedroom apartment, if maybe they could rent out that third bedroom for a while, until such time as their household is big enough.'"

"SFU students, who had been living around the campus in basement suites, snapped up the units."

Full Story: Condos with "mortgage helpers" may be answer to Vancouver's housing crunch

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!
$28.00
Red necktie with map of Boston

Tie one on to celebrate your city

Choose from over 20 styles of neckties imprinted with detailed city or transit maps.
$44.95