High-End Condos Are Proving To Be The Best International Student Accommodation Option In Ontario
Sunday Dec 22nd, 2019
In our days, student housing was a far cry from being luxurious, even amenable. Oh, let’s not talk about the dark ages, where students resorted to sleeping on beds made out of straw and eating tripe. Fast forward to today, a plethora of high-end high-rises in university towns are defining the latest student housing trend in Ontario. Most are owned by private companies, sold to investors and opulent families, who purchase them and hand them over to management companies to rent out to students.
Believe it or not, most of these “student condos” come fully equipped with a host of luxe amenities, such as rooftop patios, billiard rooms, stainless-steel appliances, granite kitchen counter tops, movie theatres, tanning beds, gyms, swimming pools, and even yoga studios. Some of these Condo buildings also have commercial establishments at the lobby, like restaurants that deliver food and convenience stores. This offers students convenient access to meals without having to wander far from home just to eat.
Some purely student-centric condo buildings also boast tons of value-added student-friendly facilities on site, such as libraries, study rooms, and other quiet areas with ample electrical sockets for phones and laptops and high speed Wi-Fis so that students never have to stay in school for research. College life is already stressful and exhausting enough. Condo living can help students unwind at home and rejuvenate in a cleaner, safer, and peaceful environment.
If the condo building is in the vicinity of the school, imagine all the time and money saved in commute as well. A.J. Keilty, president and CEO of Varsity Properties of purpose-built student housing, is of the opinion that this presents investors with an opportunity to own real estate that is revenue-generating from the word go and is hardly likely to stay vacant, at least until the university shuts down or relocates, which is highly unlikely. So, when you have well-located real estate — possibility directly touching campus — you are always a call away of a willing audience who will always need your product.
Since this concept was first introduced to the Canadian market a couple of years ago, it has attracted its fair share of criticism from universities and neighborhoods who worry about living next door to possibly raucous teens, but this hasn’t diminished their popularity even a bit.
If you think about it, condo living makes perfect sense, since students are deemed ready to move in to their first grown-up apartment by second year of college, which brings us to another raging condo trend: parents purchasing condo units as an investment, doubling as the perfect accommodation for their college going kids. In fact, the purchase of luxury condos by international parents for their children has grown perceptibly over the last few years.
Parents Buying Kiddie Condos For Their Kids
If you are on the verge of signing off a cheque for a cramped dorm room in your child’s college, you may be wondering if there is a better, more civilized, and cost-effective option where you can house your kid. These days, a lot of parents are choosing to bypass university housing altogether and look for condos for rent in Toronto Ontario Canada. Some even go so far as to reject the idea of off-campus renting as well and instead choose to buy a condo for their kid to live in until graduation, with a long-term plan to recoup those room-and-board dollars afterwards.
This strategy is a win-win situation for everyone. First, you are investing in a property that will only accumulate in value. You can give your kid a “champagne taste on a beer budget”, since they will be living on your budget rather than a student budget. In addition, you can look up a secure building in a decent neighborhood, and rest easy knowing that they are safe. And if you were already thinking to purchase an investment property outside town, this is the perfect example of killing two birds with one stone. Not to mention, whenever you are in town, you can just bunk in with your child instead of having to rent a hotel room.
If you think further in terms of savings, you can defray costs by considering a roommate if the place is big enough, just like a dorm room. Not to mention, you’d also be able to write off the taxes on the unit and reap a mortgage-interest deduction. But even if you think beside dollars, just the thought of your child living comfortably in their own space, should suffice to help you rest easy; as they say, a parental ROI cannot be measured in dollars.
If you are looking to purchase or rent a condo in Toronto, browse through Toronto condo profiles listed on Toronto Condo Team, for information on some of the best condos & lofts in Toronto.