Our House

DoMinion LEnDing CEntRES OUR HOUSE SUMMER 2017 >> 11 Across the country in B.C., nomad Micro Homes is also seeing a surge of interest in its product. the company offers two types of micro homes, the most popular being its 156-square foot nomad Cube, which also comes with a 100-square foot loft. the Cube will set you back about $32,000. the company's founder and CEo, ian Kent, describes the product as a "do it yourself" kit home, similar to something you'd buy in ikea that can be put together very quickly. While they may be simple, he notes people can live in them as a primary residence. nomad's homes also aren't on wheels, like some versions of tiny homes. the company sells about 20 to 30 of their homes a year, but nomad can increase its scale to produce thousands of units if needed. Kent sees the tiny home as one answer to a rental supply crisis gripping B.C.'s Lower Mainland. "it's an extremely low-impact backyard dwelling," he said. nobody cares about it, you're not going to bother anybody with it, and you're going to provide the most affordable housing in the Lower Mainland." indeed, cities and governments are starting to recognize and consider these less typical ways to live. in 2016, the City of Vancouver put out a request for proposals to build 300 containers for temporary housing for the homeless. the city has also led the way in approving laneway homes. Avi Friedman, a professor of architecture at Mcgill University in Montreal, believes the shrinking size of the home is a reflection of the economy—building larger homes costs more—and a change in demography as families become smaller. He suggested buyers want bigger homes to start with, but when millennials especially enter the market, they're just not able to afford the size of dwelling their parents owned. in the past, Friedman notes, many people's first home was a single family house, but today most people begin their adult life in an apartment. "We are now John Hsu, a mortgage expert with DLC's Team Calla in Port Coquitlam, B.C., offers a few key considerations when financing prefabricated homes: 1 It's only possible to get a mortgage on the property if it's de-registered and permanently affixed to land that is owned already or being purchased by the buyer. Otherwise, it's considered a chattel loan (similar to an auto loan). 2 The age of the pre-fab home determines the maximum amortization on the loan. You can only amortize the property for five years less than the expected remaining economic life of the home. 3 A minimum of 20 per cent down payment is required for the purchase of the prefab and the lot if they are being purchased at the same time. If the lot is already owned, then how you finance the structure depends on how much existing equity is in the land. 4 Location is important. If the area where the pre-fab is to be placed is remote, the chances of obtaining financing are very slim. These are the main points but Hsu advises buyers to keep in mind that lenders are always changing their requirements; they frequently change their stance on whether they are lending on these properties or not. A DLC mortgage specialist will be your best source of information on financing for such homes. Financing an AlternAtive Home living in a time where there are so many critical changes," he says. While the professor agrees these alternative homes can help alleviate the housing pressures in areas like toronto and Vancouver, he wouldn't want to see tiny homes in all communities. instead, he sees these homes integrated among a range of housing options. Friedman also called on municipalities to be innovative, allowing for flexible designs to address the housing issues. "What municipalities can do is revisit archaic bylaws that have been introduced in the 1940s and '50s and see how they can be readjusted to current economic and social reality," he says. But if the container or tiny home isn't your thing, there's a centuries-old way of living to put you more in touch with nature. the yurt design is essentially that of a circular tent. Patrick Ladisa, the president of Yurta, a yurt manufacturer in toronto, says he's always been interested in minimalist architecture and, in 2004, his company built its first yurt, meant to be used as relief shelter. "it really was a cost-effective living shelter. that was our core market for years," he explains. the company makes three sizes of yurts, the most popular being 17 feet in diameter with a price range between $7,500 to $20,000, depending on options. Some of those options include windows and a solid door. What you won't likely see is much indoor plumbing. Ladisa noted the attraction to the yurt compared to the container or tiny home is a desire to be close to nature and a connection to the outdoors. However the business has evolved into the recreational market for people using the structures as a guest space at a cottage, or in place of a cabin in the woods. the small company with six employees expects to sell out of its yurts for the year by the summer. Customers come from across the country. "the cost of housing is increasing and finding a way to live inexpensively or have a livable shelter that's cost-effective… but still has dignified living, that's a key part for us," Ladisa says. Yurta's tent structures can be had for as little as $7,500. No indoor plumbing, though (2) noMAD MiCRo HoMES inC., YURtA

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