Question: Age restricted condo/apartments

[TomcoPDR]

There are condos/apartments which are age restricted for 40+, 50+, 60+

Question, can someone under that age:
a) Rent a suite from a landlord to live at those places?
b) Purchase a unit and live there on the downlow? (just say you're staying with ur grandpa or some shit like that, and just dress up in an old-man suit during the general annual meetings and for social functions so nobody would suspect anything)

Tia

Reason for asking is I've noticed they're cheaper to rent and/or purchase

[bg_27]

Just a comment, lenders typically don't like to lend on age restricted units, hence the lower price.

[2.2vtec]

Rent is usually less because typically an older age group in the building is less likely to party etc and damage the place. Lower rent attracts less desirable tenents.

[HRD2PLZ]

Originally posted by TomcoPDR
There are condos/apartments which are age restricted for 40+, 50+, 60+

Question, can someone under that age:
a) Rent a suite from a landlord to live at those places?
b) Purchase a unit and live there on the downlow? (just say you're staying with ur grandpa or some shit like that, and just dress up in an old-man suit during the general annual meetings and for social functions so nobody would suspect anything)

Tia

Reason for asking is I've noticed they're cheaper to rent and/or purchase

a) Possibly. However, some age restricted buildings have their own tenant application process. If your true age was somehow discovered, you'd be evicted from the building.
b) No. The lender wouldn't fund the mortgage on an age restricted building if you weren't the minimum required age and had told them it was for primary residence.

They are cheaper yes... most Lender's don't have a problem lending on age restricted buildings (from what I'm aware), its CMHC that has the issue with it.

[JfuckinC]

Man i just moved my grandparents into one of these things and it would be like supreme to buy and have a buddy live with you. Two floors, equal living space, with a nice big kitchen, and a double garage. Why cant they make these things for young people.

[HungryJack]

Because young people would destroy them, generally.