While micro suites may be touted as a cheaper housing alternative in 琉璃神社, renters will find little difference in price at the Cambridge House.

Kevin Bird, with K West Homes, said there鈥檚 a range in age of renters at the complex, but the rentals aren鈥檛 more affordable than anywhere else.

Rentals in the building tend to be priced around $1,200 to $1,300 a month, Bird said. 琉璃神社鈥檚 one bedroom rentals site at about $1,280, according to PadMapper. He thinks there will be a need for micro suites in the community as the university continues to grow. Bird said the suites were not marketed as affordable, but 鈥渢he fact is they鈥檙e the most affordable place in 琉璃神社 for purchase.鈥� While micro suites are gaining population in other parts of the world, Andrew Smith, a real estate agent with Royal LePage, said 琉璃神社 may or may not be ready for these tiny apartments.

And prices aren鈥檛 necessarily coming down, Smith said. One unit in the Cambridge House has been sitting on the market on and off since 2017. It was listed as $199,900 for 226 days in 2017, but then was taken off the market. It went back on the market for $189,220 in June 2018, but was then reduced to $179,888 before being taken off the market again.

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It came back on the market in October, asking for $235,800.

鈥淭hey鈥檙e not reducing it, they鈥檙e just not selling it. They鈥檙e waiting it out, and they鈥檒l eventually get their price, they always do,鈥� Smith said, adding micro suites are also used by people from Alberta, who are visiting for short periods of time, and as rentals for students.

Those who purchase homes and wait to sell is not uncommon as the real estate market has been increasing in price since the Second World War, he said.

Bird said would build more micro suites after this complex. The Cambridge suites originally sold on average of around $150,000, with the max price at $194,000. The marketing price for the units started at $94,900, he said.

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鈥淭hat wasn鈥檛 a real number, it was for (one unit), but it was just to get people excited in our marketing.鈥�

The Cambridge House has 192 units. Bird estimated that about 75 per cent of the building is investors while the other 25 per cent is owners living in the building, including seniors.

The suites first sold out in the summer of 2016, he said.

鈥淲e鈥檙e seeing a shift in the residential economy right now and we鈥檙e starting to see more activity in the Cambridge suites. They鈥檙e selling every week鈥� and they are selling well,鈥� Bird said.

carli.berry@kelownacapnews.com
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