Condo Complexes Near the Blue Mountain Village: Chateau Ridge Condos
In this blog series, I am sharing information about popular condo complexes located near Blue Mountain Resort to consider if you are looking to invest in an income property. Vacation rentals are in high demand in the area around the Blue Mountain Resort, which makes it a great place to buy an investment property to have as a short-term rental. The best part is you can use it personally and then rent it out when you are not using it. Invest and Play! Chateau Ridge condos are a great option for an income property.
Chateau Ridge Condos
Features
These are beautiful condos located steps to the Blue Mountain Village, and also in a private oasis backing onto the popular Ski Run called Happy Valley. They offer stunning views of the escarpment and are equipped with modern amenities such as stainless steel appliances, granite/quartz countertops, 16 ft ceilings, convenient Après mini bar gas fireplaces and a private locker to store skis and equipment. The units at Chateau Ridge are particularly attractive to renters due to their proximity to the village and the Ski-in Ski-out options.
These properties are truly ski-in, ski-out for anyone who loves being on the slopes. They are close to restaurants and activities in the village, and just a short walk to Jozo’s Bar, The Pottery Restaurant, Kalola Spa with access to outdoor/indoor hot tubs, indoor pool, and yoga classes which makes them very attractive as a vacation rental.
Blue Mountain Village Association (BMVA)
The BMVA is a not-for-profit association that was formed to help grow and support vacation rental owners in and around the Blue Mountain Resort. The membership fees that you pay provide you with benefits, such as discounts to local dining and shopping, resort shuttles, a robust social activity calendar, marketing for your rental property and property tax classification. You get access to the Blue Mountain Private Beach and some discounts for the Plunge Aquatic Center (pool in the village).
When you purchase a property designated as part of the BMVA you are required to pay 1% of the purchase price on closing as part of your membership. The designation as part of the association is on property title, and has to be maintained as part of the purchase. When it comes to Chateau Ridge, some condos are part of the association, and some are not. It is important to ask when you are considering a Chateau Ridge property, since some units are part of the BMVA and some are not.
Size
The majority of the units in Chateau Ridge are 2 bedrooms, a few have been converted to a 3 bedroom, which is a great size for a vacation rental. This is a great property for small groups or families looking for a weekend rental. The units are approximately 1,100 square ft. They can sleep up to 8 guests.
Price and Fees
Compared to other condos around the Blue Mountain Resort, Chateau Ridge condos are often mid-range in terms of price. As of this year (2023), condo fees are around $690 per month, which include building insurance/maintenance, cable tv, snow removal, and ground maintenance/Landscaping. In my opinion, they are a great choice as a short term rental property, and they can generate up to $85,000 gross income depending on personal usage.
HST is “in addition to”, however it can be deferred if you are a HST registrant. It is very easy to apply online. If you are renting out the property you must have a HST number.
When investing in an income property, it’s important to consider the potential rental income and occupancy rates. It’s always a good idea to do your own research and consult with a real estate professional before making any investment decisions.
If you are looking for an investment property in the Blue Mountain area, be sure to reach out. I would be happy to help you find the right property, based on what you are looking for. If you are interested in other condo complexes around the Blue Mountain Village, check out North Creek Resort and Mountain Walk condos as well.
