What is a ‘micro loft’?

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A new report released by Genworth Canada, is reporting that increasing numbers of first-time homebuyers are choosing to buy micro lofts, a growing trend. And it’s not just for affordability, it turns out this is a desired home choice for many.

If you’ve been hearing the term ‘micro loft’ lately, it’s for good reason. With this becoming an increasingly popular choice, especially first-time buyers, let’s define what it is.

Micro lofts are technically defined as condo units under 600 square-feet, though the ones you’re mostly hearing about are closer to 300 square-feet, if you can believe it. But homebuyers say that if the unit is laid out right and has the right amenities, it’s a desirable and worthwhile decision to buy one.

The trend that has started to take hold in Calgary, has been around for years in high-density real estate markets like New York and China. According to the same story by Genworth Financial, the trend is biggest in Calgary’s East Village, which is promoting this kind of living culture.

Bigger isn’t necessarily better; at least that’s what the sales team at INK by Battistella are telling prospective buyers at Calgary’s latest micro-loft development. Located in the city’s up-and-coming East Village, they claim to have the city’s smallest floor-plan, starting from just 368 square feet, with a tiny $179,000 price tag to match. [Globe and Mail]

We’re interested in hearing from some of you who are looking to buy micro lofts or already live in one, what are the pros to living in these kind of units? The affordability factor is huge, but turns out the biggest trend in real estate, is small.

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