In a genius marketing move that should assist in the long term flexibility and sustainability of the condo form of housing, studio suites, or “mortgage helpers” are being planned for condos…
Vancouver condo marketer Bob Rennie as well as former chief city planner Larry Beasley, have both suggested that perhaps condominiums need “secondary suites” or “mortgage helpers.”
What if a building offered two bedroom suites with an attached small studio apartment of say 350 square feet. The studio would have its own entrance, like a back door, as well as a door connecting it to the main unit that could be locked. A couple or small family could live in the two bedroom unit and rent out the studio for a few years until enough mortgage is paid down or household income increases. Then, they could take back the suite and use it as a master bedroom.
Diversification of the condo market will be necessary to encourage people to move towards the cities and away from building more suburban style homes. I’m sure there are many other viable housing alternatives out there that need to be explored by developers and the market.
Is there still a market out there for new homes?