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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