Condominium owners in Edmonton are trying to stop what they’re calling a ‘hostile takeover’ of their buildings.
They say investment firms are making individual offers on multiple units at the same time, in order to gain enough control to turn private homes into rentals.
“They can start taking control of the board of directors and issuing special assessments and levies that the other owners maybe can’t afford,” explained Darlene Reid with the Realtors Association of Edmonton.
“Now these people are being forced out of their homes and forced to sell.”
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Condominium owners and board members at The Berkeley near 101 Avenue and 116 Street say they are being inundated with letters from companies offering to buy their units.
The letters promote the idea of converting the condominium building into rental housing through a process known as deconversion, while promising owners above-market prices for their units.
Some owners say they are concerned companies could acquire a majority voting stake in the building, leaving remaining owners with limited options if they choose not to sell.
One of the companies identified by owners provided a statement to Global News.
Harmani Investments said its goal is to create long-term rental housing, but acknowledged that not everyone supports condominium deconversion.
The company said it respects those views, makes voluntary offers to purchase units and exercises the rights associated with any units it owns.
Darlene Reid said the takeover approach is happening at several buildings in Edmonton.
“It is totally legit and legal — I just don’t think it’s very ethical.”
Erik Bay has more on the situation in the video above.
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