Owners of six buildings have rented out units for decades, but always previously had option to turn them into condos
Rafal Gerszak/The Globe and Mail
It is the first city to use the enabling legislation to enact such a bylaw. The owners say the bylaw takes away their original right to sell the units at any time.The suit could have consequences for many other municipalities that have older apartment buildings, housing experts say, because many of those homes were built when corporate investors were allowed the option to stratify the units , even though the immediate plan was just to rent them out.
However, New Westminister’s director of development services, Emilie Adin, said in a report to council that the city’s concerns were raised when another owner advertised a building that had operated as a rental since 1977 as being up for redevelopment into condos. That led the city to take pre-emptive action to prevent such conversions.Story continues below advertisement
He noted that the six buildings were all constructed during a period when the federal government provided incentives for investors in rental buildings. They were allowed to be built as stratas, with the idea of selling them later, as an additional incentive.
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