If you’ve been looking at buying a condo in the Blue Mountain area, you may have come across something called the Blue Mountain Village Association or, BMVA. It is a Destination Marketing Association that is a not for profit association formed to manage and maintain all common areas and facilities in the Village, including marketing the Village as a four season destination through the provision of events and animation. Every owner and business in the Village at Blue must be a member and, there are optional memberships in some areas outside of the Village.
The activities organized by the BMVA, such as festivals, entertainment, beautification, security, snow removal and participation in the shuttle service all help to keep the condos full with guests. In addition, members are able to apply for taxation at a residential rate rather than commercial rate which in itself, is worth the price of ownership.
When a unit is a member of the BMVA, it is registered on title and stays with the unit meaning it is virtually impossible to get out. People who buy a resale unit pay a transfer of membership fee of either 2% in the Village core or, 2% of the sale price outside of that. Thereafter, owners pay annual dues of either $1.08 per square foot inside the Village Core or, $0.27 outside the Village Core.
One of the things some people don’t know at first is that owners who rent out their units are also required to pay 2% of all rental revenues as a Village amenity fee. The rules state that owners must disclose this fee on all advertising and must show them as a separate fee on all invoices and sales slips and, must remit the fees monthly to the BMVA.
The price of being a member is very small when you consider the tax savings alone which could amount to several thousand dollars a year. In addition, the ongoing fees help to keep the Village vibrant and guests coming. For more detailed information about the BMVA, visit their website here. For this and more details on the ins and outs of Blue Mountain condominium ownership, let me be your guide.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg