On a regular basis, at least 2-3 times a month, I get an enquiry from someone who would like to buy a recreational condominium in the Collingwood – Blue Mountain area that they can use at certain times and rent out other times to offset their carrying costs. It’s a terrific idea and certainly doable however, it’s not quite as simple as you might think and here is why.
While some people would use their unit for one season (say in the winter)and rent it out for the other (say in the summer), most of the people I speak to are interested in using their condo’s here and there and renting it out for short-term periods the rest of the time.
If the idea of owning a condominium for personal use and for generating rental income is on your agenda, you need to consider your options on a step by step basis. First, do you wish to rent out your unit seasonally (usually not an issue) or, for short term periods under 30 days? In the case of the latter, read on.
While there are some complexities to this, generally speaking, short term rentals under 30 days in length are NOT permitted in residentially zoned properties. That makes sense because frequent rental for short periods of time is essentially a commercial use. Further, some condominium by-laws further restrict rental period lengths and frequencies.
In the Georgian Triangle area, there are only a handful of condominium developments that are zoned to permit short term rentals. In Collingwood, there are two small complexes located within Cranberry Village and in both cases, they are not part of a general rental program. Owners would either have to self manage their rentals or contract with one of the local rental companies to assist them.
In Blue Mountain, there are a few additional options such as the Craigleith Shores development where again, rentals are not part of an onsite program or, developments in and around Blue Mountain Resort. There are three basic classifications at the mountain: the newer units built by Intrawest in and around the Village at Blue (such as the Grand Georgian, Mosaic, Weider Lodge), the original condominiums built by Blue Mountain Resort (such as Cachet Crossing, Wintergreen and Chateau Ridge) now referred to as “legacy units” or, units at developments such as Mountain Springs Lodge which have an agreement with the Village Association.
If you are looking for a property that is part of a managed rental program, your options are now narrowed down to these units described above. The next step is to understand how their rental programs operate which we will consider in Part 2 of this series.
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