If you are a Canadian investor researching Aria on the Bay, this is the complete Canadian investor guide you need before buying. This striking 53-story tower at 488 NE 18th Street in Edgewater offers panoramic Biscayne Bay views, resort-level amenities, and strong long-term rental income potential — all in a neighborhood that has appreciated over 30% in the past five years. You can browse current Aria on the Bay condos for sale here, or keep reading for the full Aria on the Bay Canadian investor guide covering pricing, floor plans, rental income projections, HOA fees, FIRPTA tax implications, financing options, and a step-by-step buying process you can complete entirely from Canada.
Aria on the Bay Building Overview: What Makes It Stand Out
Aria on the Bay was developed by Melo Group, one of South Florida’s most prolific residential developers, and designed by the internationally acclaimed firm Arquitectonica. The building was completed in April 2018 and rises 53 stories along the Edgewater waterfront, making it one of the tallest and most recognizable towers in the neighborhood.
The tower contains 648 luxury residences ranging from one-bedroom units to expansive penthouses. Every unit features 9-foot ceilings, floor-to-ceiling impact glass windows, deep balconies stretching up to 11 feet, 32×32 porcelain tile flooring, white quartz countertops, Italian Italkraft cabinetry, and Bosch stainless steel appliances. Higher-floor units and penthouses enjoy ceilings up to 11 feet with unobstructed 360-degree views spanning Biscayne Bay, Miami Beach, Margaret Pace Park, and the Downtown Miami skyline.
For Canadian investors, the building’s location is a major draw. It sits directly across from Margaret Pace Park — an 8-acre bayfront green space — and earns a Walk Score of 93 (Walker’s Paradise), Transit Score of 80 (Excellent Transit), and Bike Score of 87. Downtown Miami is 5 minutes away, Brickell is 12 minutes, Wynwood is 8 minutes, and Miami Beach is a 15-minute drive.
Resort-Style Amenities at Aria on the Bay
Aria on the Bay offers amenities that rival five-star resorts, which is a significant factor in attracting and retaining quality long-term tenants. The amenity package includes:
- Two curved infinity pools — a sunrise pool and a sunset pool, both overlooking Biscayne Bay
- Children’s pool and hot tub with direct bay views
- State-of-the-art fitness center with yoga studio and spinning room
- Private spa with massage treatment rooms and sauna
- Movie theater and screening room
- Game room with billiards and social lounge
- Business center with conference rooms
- Children’s playroom and teen lounge
- 24-hour concierge and 24/7 security
- Valet parking and assigned garage parking
- 40,000 sq ft of ground-floor retail
These amenities are fully covered by the monthly HOA fees, meaning tenants and owners enjoy everything without additional membership costs.
Aria on the Bay Pricing: Current Prices and Floor Plans for Canadian Investors
Understanding the current pricing landscape is essential for this Aria on the Bay Canadian investor guide. Here is a breakdown of unit types, sizes, and price ranges as of early 2025:
One-Bedroom Residences
Interior square footage ranges from 710 to 880 sq ft, with total living space including balconies reaching 933 to 1,340 sq ft. Current asking prices fall between $515,000 and $650,000. These units are the most affordable entry point and generate rental income of $3,200 to $4,000 per month. They are popular with Canadian investors who want to test the Miami market with a lower initial commitment.
One-Bedroom + Den
These larger layouts offer 1,000 to 1,038 sq ft of interior space (1,160 to 1,340 sq ft total). Prices range from $575,000 to $750,000. The den functions as a home office or flexible guest space, making these units particularly appealing to seasonal Canadian residents who spend winters in Miami and rent the unit during summer months.
Two-Bedroom Residences
The most popular layout among investors, two-bedroom units offer 1,031 to 1,306 sq ft of interior space (1,191 to 1,696 sq ft total). Prices range from $700,000 to $1,100,000, and these units command rental income of $3,800 to $6,600 per month. Bay-view units on higher floors command significant premiums in both sale price and rental rates.
Two-Bedroom + Den and Three-Bedroom Residences
Larger family-oriented layouts range from 1,371 to 2,365 sq ft of interior space. Prices span $900,000 to $2,600,000. These units attract families and executives willing to pay premium rents of $5,000 to $13,500 per month for the space, views, and lifestyle.
Penthouses
Trophy residences with interiors from 3,257 to over 9,600 sq ft and total living areas exceeding 10,000 sq ft. Priced from $2,500,000 to $4,599,000, penthouses feature 10 to 11-foot ceilings, private terraces, and unobstructed panoramic views.
The average price per square foot across all available units is approximately $817, which positions the building competitively against newer Edgewater towers like Biscayne Beach ($900+/sq ft) and Aria Reserve ($1,000+/sq ft). View all current Aria on the Bay listings and prices here.
Key Pricing Metrics for Canadian Buyers
When converting to Canadian dollars (at approximately 1.37 CAD/USD), a one-bedroom entry point of $515,000 USD translates to roughly $705,000 CAD — significantly more affordable than comparable waterfront condos in downtown Toronto or Vancouver. The median list price of $949,000 USD (approximately $1.3M CAD) delivers a level of luxury, square footage, and bay views that would cost substantially more in major Canadian cities.
Aria on the Bay HOA Fees: What Is Included
Monthly HOA fees at Aria on the Bay range from $680 to $2,239, averaging approximately $1.05 per square foot. For Canadian investors, understanding what the HOA covers is critical to calculating net rental income accurately.
The HOA fee includes basic cable television, high-speed internet service through Hotwire, water, sewer, trash removal, 24/7 building security, and full access to all resort amenities including the pools, spa, fitness center, theater, and business center. This comprehensive coverage means there are fewer additional monthly costs for owners and tenants compared to buildings that charge separately for amenities.
Pet Policy
Pets are allowed for owners only — tenants cannot have pets. All pets require DNA registration with a $100 fee per animal. This is an important detail for Canadian investors to communicate to potential tenants during the leasing process.
Rental Income Potential at Aria on the Bay
Rental income is the primary motivator for most Canadian investors exploring Aria on the Bay. Here is what the current rental market looks like:
Current Rental Rates by Unit Type
One-bedroom units rent for $3,200 to $4,000 per month, translating to $38,400 to $48,000 in annual gross rental income. Two-bedroom units command $3,800 to $6,600 per month ($45,600 to $79,200 annually), with bay-view units on higher floors consistently achieving the upper end. Three-bedroom and penthouse units generate $5,400 to $23,500 per month for investors targeting the luxury rental segment.
Edgewater’s median two-bedroom rent of $5,653 per month actually exceeds Brickell ($4,750) and is well above Downtown Miami ($3,200), reflecting the neighborhood’s growing desirability among young professionals, tech workers, and families.
Critical: Aria on the Bay Rental Restrictions
This is the most important policy detail for investors to understand. Aria on the Bay enforces a 6-month minimum lease with a maximum of two rental periods per calendar year. Short-term rentals including Airbnb and VRBO are not permitted.
While this eliminates the short-term rental strategy, it actually creates advantages for long-term investors. The 6-month minimum attracts higher-quality tenants, reduces turnover costs, minimizes wear and tear, and supports stable property values. For Canadian snowbirds, this policy aligns perfectly with a dual-purpose strategy: live in the unit from October through March (your 6-month snowbird season), then lease it from April through September to Miami professionals who prefer long-term commitments.
If your investment strategy depends on short-term rental flexibility, our team can recommend alternative Edgewater buildings that allow more frequent rentals, including Aria Reserve (up to 4 rentals per year with 30-day minimum) and several upcoming developments designed specifically for flexible rental investors.
Why Edgewater Miami Is Attracting Canadian Investors
Edgewater has quietly become one of Miami’s strongest appreciation stories. Property values in the neighborhood have surged over 30% in the past five years, and Q3 2025 saw a 33% year-over-year increase in sales volume. For Canadian investors, the neighborhood context is just as important as the building itself.
Edgewater occupies a prime strip of Biscayne Bay waterfront between Downtown Miami and the Design District, with Wynwood’s arts scene directly to the west. The neighborhood combines waterfront tranquility with urban walkability — Aria on the Bay’s Walk Score of 93 means residents can handle daily errands, dining, and entertainment on foot.
Margaret Pace Park: Edgewater’s Crown Jewel
Directly across from Aria on the Bay, Margaret Pace Park is an 8-acre bayfront green space featuring tennis courts, basketball courts, volleyball, two dog parks, a children’s playground, and a public marina with direct Biscayne Bay access. The park hosts community events, offers stunning sunset views, and serves as Edgewater’s outdoor living room. For Canadian investors, this adjacent green space is a powerful selling point when marketing rental units to prospective tenants.
Nearby Attractions and Lifestyle
Within 10 minutes of Aria on the Bay, residents can access the Adrienne Arsht Center for the Performing Arts, Pérez Art Museum Miami (PAMM), Frost Museum of Science, Kaseya Center (home of the Miami Heat), and Bayside Marketplace. Publix supermarket is within walking distance, and Midtown Miami’s dining and shopping corridor is a 5-minute drive. Miami International Airport is 20 to 25 minutes away, and direct flights connect to Toronto, Montreal, Calgary, and Vancouver in under 4 hours.
FIRPTA, Taxes, and Legal Considerations for Canadian Buyers
Understanding the tax landscape is essential for any Aria on the Bay Canadian investor guide. Here are the key considerations before purchasing as a Canadian national:
FIRPTA Withholding
The Foreign Investment in Real Property Tax Act (FIRPTA) requires that 15% of the gross sale price be withheld when a foreign national sells US real estate. On a $900,000 Aria on the Bay condo, that means $135,000 would be withheld at the time of sale. However, several strategies can reduce or recover this amount, including filing Form 8288-B before closing for reduced withholding and claiming refunds through your annual 1040NR tax return. For a detailed breakdown of FIRPTA strategies, read our complete FIRPTA guide for Canadian investors.
No Florida State Income Tax
Florida has no state income tax, which is a significant advantage for Canadian investors compared to earning rental income in Canadian provinces where combined federal and provincial rates can exceed 50%. Your Aria on the Bay rental income is subject only to US federal tax, and the US-Canada Tax Treaty provides foreign tax credits (Form T2209) to prevent double taxation on the same income.
Depreciation Benefits
Foreign-owned US residential rental property is depreciated over 40 years. This depreciation deduction reduces your taxable rental income each year. Combined with deductions for mortgage interest, property management fees, insurance, repairs, and HOA fees, many Canadian investors can significantly reduce their annual US tax liability on Aria on the Bay rental income.
ITIN Application
Canadian buyers need an Individual Taxpayer Identification Number (ITIN) for US tax filing. Apply early using Form W-7, as processing takes 6 to 10 weeks. Your ITIN is required for mortgage applications, tax returns, and FIRPTA withholding certificate requests.
Ownership Structure
Most Canadian investors purchase through a US-based LLC for liability protection and estate planning benefits. Our cross-border legal team handles LLC formation, operating agreements, and ensures your ownership structure is optimized for both US and Canadian tax obligations.
How Canadians Finance an Aria on the Bay Purchase
Contrary to what many Canadian buyers assume, securing a US mortgage is straightforward with the right lenders. Several major banks offer dedicated programs for Canadian nationals purchasing Florida real estate:
Canadian-Friendly Mortgage Lenders
RBC Bank (US) offers programs specifically for Canadian buyers with as little as 20% down, accepts Canadian credit history, and provides mail-away closing options. BMO Harris (Gateway Program) also uses Canadian credit history and finances condos up to $2 million USD. TD Bank (US) offers home equity lines of credit on US properties. Additionally, specialized lenders like HomeAbroad offer DSCR loans (based on rental income rather than personal income) from $100,000 to $10 million with no US credit history required.
Typical requirements include a 20 to 30% down payment, valid Canadian passport, proof of Canadian income, bank statements, and an ITIN. Closing timelines run 2 to 4 weeks for cash purchases and up to 60 days for financed transactions. For a complete walkthrough, read our US mortgage guide for Canadian buyers in Florida.
How to Buy at Aria on the Bay from Canada: Step-by-Step Guide
Our team specializes in helping Canadian investors purchase Miami real estate remotely. Here is the typical process for buying at Aria on the Bay:
Step 1: Free Consultation and Strategy Session
We start with a discovery call to understand your budget, investment goals (rental income, appreciation, snowbird use, or a combination), preferred unit type, and timeline. We provide current Aria on the Bay market data, rental projections, and CAD/USD currency guidance.
Step 2: Mortgage Pre-Qualification
We connect you with Canadian-friendly US lenders for pre-qualification. This establishes your purchasing power and strengthens your offer when you find the right unit.
Step 3: Property Search and Virtual Tours
We curate available Aria on the Bay listings matching your criteria — unit type, floor level, view direction, and price range. High-quality virtual tours allow you to evaluate units from anywhere in Canada before committing to an in-person visit.
Step 4: Due Diligence
We review HOA financials, condo association documents, the building’s 40-year recertification status, rental policy verification, and reserve fund health. This step protects your investment and ensures no surprises after closing.
Step 5: Legal Structure and Contract
Our legal partners handle LLC formation (if applicable), ITIN application, purchase contract negotiation, title search, and escrow setup. Everything is coordinated to minimize your involvement while protecting your interests.
Step 6: Remote Closing
Close entirely from Canada using digital documentation, remote notarization, and courier services. Typical timeline: 30 to 45 days for cash, up to 60 days for financed purchases.
Step 7: Tenant Placement and Management
Our property management team handles tenant sourcing, lease preparation, move-in coordination, rent collection, maintenance, and monthly financial reporting. You enjoy hands-off ownership while we manage everything on the ground in Miami.
Aria on the Bay vs Other Edgewater Condos: Canadian Investor Comparison
Canadian investors often compare Aria on the Bay against other Edgewater and Miami options. Here is how the building stacks up:
Aria on the Bay vs Biscayne Beach: Biscayne Beach averages $1.1 million with similar amenities and a 6-month minimum lease. Aria on the Bay offers a lower entry point ($515K vs $650K+) and competitive per-square-foot pricing, making it more accessible for first-time Miami investors.
Aria on the Bay vs Paraiso Bay: Paraiso Bay (also by Related Group) averages $850K with a 6-month lease minimum. Both buildings are excellent long-term holds, but Aria on the Bay’s larger unit count (648 vs 360) provides more inventory and pricing options.
Aria on the Bay vs Aria Reserve: Aria Reserve is the newer Melo Group tower (2024) with a more flexible 30-day minimum rental policy and higher price points ($1.2M+ average). If short-term rental flexibility is important to your strategy, Aria Reserve may be worth the premium.
Aria on the Bay vs Brickell Flatiron: Brickell Flatiron averages $780K in the financial district with a 1-year minimum lease. Aria on the Bay offers bayfront views and waterfront living at a comparable price point, plus the 6-month lease provides more flexibility than Brickell’s standard annual requirement.
Frequently Asked Questions: Aria on the Bay for Canadian Investors
Can Canadians get a mortgage to buy at Aria on the Bay?
Yes. Canadian banks including RBC, BMO, and TD offer US mortgage programs for Canadian nationals. Requirements typically include 20 to 30% down payment and Canadian credit history. Specialized lenders like HomeAbroad also offer DSCR loans based on rental income potential.
Can I rent my Aria on the Bay condo on Airbnb?
No. Aria on the Bay requires a 6-month minimum lease with a maximum of 2 rental periods per year. Short-term rentals including Airbnb and VRBO are not permitted. This policy supports property values and attracts quality long-term tenants.
What rental income can I expect?
One-bedroom units rent for $3,200 to $4,000 per month. Two-bedroom units command $3,800 to $6,600 per month depending on floor and view direction. Three-bedroom units and penthouses generate $5,400 to $23,500 per month.
What are the HOA fees?
HOA fees range from $680 to $2,239 per month (approximately $1.05 per square foot). Fees include cable TV, high-speed internet, water, trash, sewer, security, and all resort amenities.
Can I close entirely from Canada?
Yes. We specialize in remote closings for Canadian buyers using virtual tours, digital documentation, remote notarization, and courier services. Many Canadian clients purchase at Aria on the Bay without visiting Miami in person.
What is FIRPTA and how does it affect me?
FIRPTA requires 15% of the gross sale price to be withheld when foreign nationals sell US property. Strategies exist to reduce or recover this withholding. Read our complete FIRPTA guide for details.
Ready to Invest in Aria on the Bay from Canada?
Whether you are looking for stable rental income, long-term appreciation, or a waterfront snowbird retreat, Aria on the Bay delivers exceptional value in one of Miami’s most dynamic neighborhoods. Our team at Miami P&B Investments specializes in helping Canadian investors navigate every step — from property selection and financing to legal structure, closing, and ongoing property management.
Book your free Aria on the Bay consultation today and let us help you find the right unit for your investment goals. We offer virtual tours, current market analysis, rental income projections, and personalized guidance tailored to Canadian buyers.
You can also view all available Aria on the Bay listings, browse Edgewater listings, or explore our other Edgewater Miami real estate investment opportunities.
