Thinking of Buying a Luxury Condo? Think Again.
With a lavish lifestyle, buying your own luxury condo seems like the obvious choice, right?
Hold up – before you put down that hefty down payment and prepare yourself for years of responsibility, mortgage payments, condo fees, property taxes and insurance, let’s make sure you are well informed.
In this article, we’ll help you to reconsider your search criteria so you can make an informed decision to get you promptly settled into your new luxury apartment for rent in Montréal.
The risks of buying a condo
First things first, let’s run through some of the risks of buying a condo right now. According to a recent report, condos are at high risk from reserve fund shortfalls. For newer properties – built from the millennium – Canadian condo owners are set to take the hit from their property predecessors who signed on for lower fees back in the day. This means – if you buy a condo – you could be looking at massive annual condo fee increases, special assessments and lump-sum payments, all on top of the other costs associated with buying a home.
Nothing is entirely predictable, especially in the condo market of 2024. Amidst the Bank of Canada’s aggressive rate hikes to combat inflation, the once booming pandemic market has swiftly cooled down. Buyers are now confronting the stark possibility of acquiring debt for depreciating assets and managing increased mortgage interest rates.
Thought about luxury apartment rentals instead?
Advantages of renting over buying
Renting is a popular alternative that allows you to reside in a sought-after home and area without compromising on affordability, flexibility, or convenience.
- Affordability
Even if money was no object, you can’t deny that it’s better in your own pocket. Renting provides you a host of opportunities when it comes to your finances.
Not only does it enable you to live in more affluent areas for a much more affordable price, but it frees up the cash that you would otherwise spend on the down payment, taxes and insurance, condo fees, and the maintenance of your home. Perhaps you could splash the cash on other things – traveling, education, investing in other financial vehicles, saving up for family life or furnishing your perfect home to a higher standard.
- Save Time
When buying a home, patience is key. It can take up to 10 months from starting the home buying process, finding new listings, to putting your feet up in your new abode. However, with luxury condo-style rentals – depending on availability – you can find a place and be in within a matter of weeks.
Still saving up for your down payment? It can take years to save up for that all important deposit, which can be 20% or more of the purchase price, depending how much mortgage you want to borrow from the bank. And now with higher interest rates, mortgages are also the highest they’ve been in a while. In the time that you’ve spent saving up and sacrificing some of the finer things in life, you could be lapping up the luxury in your apartment – in most cases, rentals only require one month’s rent upfront before you move in.
- Freedom
Being tied to a mortgage and a home that would be time-consuming and expensive to move out of is a huge setback for someone with a luxury lifestyle.
On the flip side, luxury condo-style rentals come with a lot of flexibility and freedom. You could take the money you’re saving up for a down payment and put it in a diversified portfolio instead to save for your future. Not only does it enable you to live in more affluent areas for a much more affordable price, but it frees up the cash that you would otherwise spend on the deposit, taxes and insurance, condo fees, and the maintenance of your home.
So, when it’s time to move on to your next apartment, you can just give your landlord the notice and be onto the next property in as little as 30 days*.
*Varies province to province, please check with your local residential tenancies act for appropriate notice to vacate periods
- Convenient Amenities
We get it – finding a home that has great transit options and is near good schools, restaurants, leisure complexes and designer shops is no easy task. While having all of these on your doorstep is a winner, it doesn’t come without its expense, particularly in areas like Vancouver and Toronto where the average property price stands at over $1 million.
But with rental properties, it is more than possible to live somewhere that provides all these essentials which is 1) not going to break the bank and 2) not going to take forever to become a reality.
What services do you get by renting that you don’t get by buying?
It’s no secret that being a homeowner doesn’t come without its stresses. Apart from the financial responsibilities of running a home, being responsible for the maintenance of the property – the inside and out – can be burdensome too. That’s where renting becomes even more appealing. With luxury apartments in Montréal QC, you’re covered! It is usually up to the housing provider to sort out anything that goes wrong with the property; they’re the ones responsible for maintenance and fixes in your rental suite.
And, as it’s Canada, it’s almost a given that it will snow at some point in the year and fall will come with a plentiful covering of leaves. Though with a luxury apartment rental there’s no need to dust off the shovel or spend your weekends raking as – you’ve guessed it – your housing provider will be accountable for this too.
For condos, condo associations often take care of these maintenance and services for you but you’ll still be paying several hundreds of dollars on top of your mortgage every month. Often, this is equivalent to a substantial percentage of a month’s rent. To get the most out of a rental property, we recommend renting from a professional property management company – like Canadian Apartment Properties REIT – over an individual housing provider.
The upsides of renting from a professional property management company over an individual
- Quick and easy communication
We’re sure that many individual housing providers are great but there may be some caveats if you rent from them. For example, they may not even be in the country. Factoring in the distance and potential time zone differences, the communication will be delayed and therefore any possible repairs to your place are unlikely to be done quickly. Professional property management companies take pride in ensuring that their residents get the best possible customer service.
- Checking the legalities
A typical setup between an individual housing provider and you as the resident would see the housing provider vetting you to check that you meet the criteria but it’s not often that it’s the other way round. Unless you’ve dug deep for reviews, you probably won’t know what the housing provider is like or if anything is done properly until you’re one of their residents. From taxes, insurances and the rest of the legal paperwork involved, with companies like Canadian Apartment Properties REIT, you’re in safe hands. All building managers get support from the company to ensure that everything is compliant, legal and up to date. This gives you the peace of mind that you’re living in a property that’s up to standard.
- Access to a wider portfolio
If you’ve got your eye on a property but it’s not available right now, fear not. Canadian Apartment Properties REIT has a large portfolio of apartments for rent and luxury condo-style apartments in Montréal, QC that may be a perfect match for you – something that you wouldn’t necessarily have access to with an individual housing provider. Here are just a couple of the luxury condo style apartment rentals that Canadian Apartment Properties REIT has to offer right now in Montréal QC.
Majestic is a good match for residents who enjoy luxury and like to live in peak comfort. With a choice of one, one and half or two bathrooms, and a variety of bedrooms to choose from, they’re perfect for successful young professionals, and people downsizing from their current home. No expense has been spared in these apartment suites as they all come equipped with the very best premium stainless-steel appliances, stone countertops, hardwood oak floors, private terraces or balconies, bedrooms large closets with walk-ins (in select units), in-suite laundry, and central air conditioning for those warmer nights.
Not only do you get to appreciate the elegant architecture and its beautiful surroundings, but you can also fully immerse yourself in the high life with the view and exclusive amenities that are included when you rent at Majestic in Montréal. These apartment amenities include:
- Rooftop terrace with breathtaking views
- Modern gym with Echelon smart gym equipment
- Ground floor luxury lounge with self-serve barista corner
- Security system
- Private lockers
- Bicycle storage
- Electric car charging stations available
- Car wash area
If this isn’t enough to sway you, Majestic is conveniently located to the highway and public transportation as well as all the essentials. Within a short distance, you can find:
- Namur Metro Station
- Décarie Autoroute
- Supermarché PA Westbury
- Decarie Square Mall, Walmart Supercentre
- Many restaurants
- Hampstead and Mackenzie-King parks
- Côte-des-Neiges Sports Complex
- Segal Centre for Performing Arts
- Jewish General Hospital
On top of this, The Onyx boasts the following amenities
- 24/7 luxury lounge with work area, kitchenette & fireplace
- Fitness centre with Echelon smart gym equipment
- Security system
- Private lockers
- Street accessible bicycle storage room
- On-site parking
- Electric car charging station available
Now that we’ve weighed up the pros of renting and the cons of buying, which luxury apartment is for you?
If you’re now on the hunt for a luxury apartment rental, feast your eyes on all of Canadian Apartment Properties REIT’s apartments for rent.
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