VANCOUVER (NEWS1130) - Vancouver is one of the most expensive places in the world to live and with the cost of living continuing to rise; more and more people are finding it challenging to pay rent.
However, a new project in the city indicates there is one solution to the affordable housing problem. Micro-lofts were unveiled today on Vancouver's Downtown Eastside.
The suites are part of the heritage restoration of the Burns Block building at 18 West Hastings near Carrall Street.
Councillor Raymond Louie says the units are small but built "to the highest quality." The self-contained suites range from 226 to 291 square feet. "It may be the wave of the future, really one of the few ways the city can encourage affordability to be built into our city."
The project is one of the components of the
Housing Affordability Task Force's mission to make the city more livable for Vancouverites.
"This is an important initiative of ours to ensure we do address the issue of affordability. Today's announcement is in line with that because it does look at different ways of addressing the big problem that we have in Vancouver."
Louie explains the small units are built by ITC Construction and they cost less than $1,000 to rent.
He says the space isn't meant to be for everyone. "This is very specific for those, for instance; only require a limited number of singles, those that are transitioning, could be for younger people that don't have families yet, and for those newly in town."