30 years ago a 1000 square foot condo might have been considered modest. These days, in major centres like Toronto and Vancouver, 1000 square feet is pretty big.
With condo sizes shrinking, financing is not always straightforward. As best we know, the default insurers (CMHC, Genworth, and AIG) have no published minimum condo size limitations. Nonetheless, anything under 500-600 square feet may get scrutinized. Size is a factor and lenders and insurers need to know a unit can resell quickly in the event of default.
There are a few lenders that seem quite open to small condos, even as low as 300 square feet. Abode is one. FirstLine will sometimes look at them too.
If you know of another good lender for small condos we welcome you to leave a note in the comments section.
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