First of many to come?
City council has approved the first condo conversion tied to last year’s large-scale plan to change rental apartments into owned units.
On Tuesday, council gave final approval to convert 1-4 Balmoral Place from rental to condo. The four-building complex has 158 units and is part of a larger group of 362 units owned by SIREG Management Inc.
The conversion comes with several conditions. Tenants must be offered the chance to buy their unit first, at no higher price than the public. Each building must also be inspected for needed repairs. Tenants who need to move must be given help finding a new home for up to three years.
Council had originally rejected the conversions last year, but reversed course over legal concerns and staff advice.
More condo applications from SIREG are expected in the coming months. The city also plans to tighten rules for future conversions during low vacancy periods.
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