Buyers looking to get into the Tri-Cities' housing market are turning to tiny studio apartments for a chance to own.
But even apartments with small footprints are being sold for thousands over asking.
In two recent sales, sellers got what they were asking for — or more — from buyers eager to get a foothold in Coquitlam.
Both apartments were less than 500 sq. ft. in size and both were newer. And while one had a pool, the other was close to SkyTrain.
Here are the two listings posted on Zealty.ca after recent sales:
THE CORA IN SOUTHWEST COQUITLAM
Slightly larger than a typical micro suite, this 373 sq. ft. unit in a 14-year-old condo unit sold for $389,000 on March 15 — 11 days after it was listed.
That’s $1,043 a square foot.
It features a laminate and tiled floor, new stainless steel appliances, granite counter tops, in-suite washer/dryer and a renovated bathroom with quartz counters.
It also comes with parking, exercise room, common room and storage locker, as well as electric vehicle charging stalls.
And the condo tower at 575 Delestre Ave. has a clubhouse; pets are allowed with restrictions.
SUMMERLIN ON WESTWOOD PLATEAU
Meanwhile, on the other side of Coquitlam, another studio apartment recently sold for $410,000, as much as $11,000 over asking.
Located at 2969 Whisper Way in the Westwood Plateau neighbourhood of Coquitlam, the suite is 436 sq. ft. and sold for $940 a square foot.
It features nine-foot ceilings, washer/dryer, stainless steel appliances, gas range, breakfast bar, laminate floors and a south-facing balcony.
One secure underground parking stall is available and rentals are allowed.
With room enough for a double or queen-sized bed in the main living area, the owner can stretch out at the outdoor pool, hot tub, theatre, pool table and exercise room, according to the sales listing.
The apartment was sold March 7 after 10 days on the market.
As buyers look for options, manufactured homes in central Coquitlam have been popular, with one recently selling in Millcreek Village for $520,000.
Port Moody recently expressed concern about micro suites — typically 300 sq. ft. units — as not practical or affordable, prompting a developer to remove them from a proposal for an 88-unit condo complex.