Investment firms making 'predatory' takeover offers at Edmonton condo buildings
Companies are targeting multiple units at buildings like The Berkeley to gain majority control and convert private homes to rentals.
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Investment firms are systematically making individual offers on multiple units at Edmonton condo buildings simultaneously, aiming to gain majority voting control so they can convert private homes to rentals—a practice condo owners are calling "hostile takeovers."
The Berkeley building, located near 101 Avenue and 116 Street, is one of several targets. Owners and board members there have received letters from companies offering to buy units. The letters promote a conversion process called deconversion and promise above-market prices for units.
Darlene Reid, of the Realtors Association of Edmonton, said the concern is clear: once an investment firm acquires a majority stake, "they can start taking control of the board of directors and issuing special assessments and levies that the other owners maybe can't afford." She said the takeover approach is happening at several Edmonton buildings. "Now these people are being forced out of their homes and forced to sell," Reid said.
Harmani Investments is one company identified as making offers. The firm stated its goal is to create long-term rental housing. Harmani Investments acknowledged not everyone supports deconversion but said it makes voluntary offers and exercises rights associated with units it owns. Reid said the practice is "totally legit and legal — I just don't think it's very ethical."
The pattern reflects broader pressure on Edmonton's condo market, which has been cooling as sales slip and inventory swells.
How many units have these firms successfully acquired across Edmonton buildings?
What legal tools do remaining owners have to prevent majority takeovers?
How many buildings across Edmonton are currently facing these conversion attempts?
We'll update this story as answers emerge.
The facts
Which Edmonton condo building is mentioned as a target for these takeover offers?
The Berkeley building, located near 101 Avenue and 116 Street, is one of several Edmonton condo buildings targeted by investment firms making multiple unit purchase offers.
What is the stated goal of Harmani Investments in acquiring these units?
Harmani Investments stated its goal is to create long-term rental housing through the deconversion process.
What could happen to condo owners if an investment firm gains majority control?
Once an investment firm acquires a majority stake, it can take control of the board of directors and issue special assessments and levies that other owners may not be able to afford.
