Feedback about Corporation Buying a Unit
The Corporation currently rents a unit for the live-in superintendent. The Corporation is considering purchasing a 1-bedroom unit (with a storage unit, but no parking ) around September 2025. The Corporation is not interested in a studio unit.
The Board believes that the cost of buying a unit will be similar to rent, resulting in long-term savings and greater certainty for the Corporation. For example, if the Corporation owned a unit, it would not be susceptible to losing a lease agreement or finding a new unit at a much higher rental price.
The Board does not believe that purchasing a unit will impact condo fees. In the long term, it will likely result in savings.
To purchase a unit, the Corporation needs to pass a by-law to permit the Corporation to secure a mortgage and hold a vote to approve the acquisition of an asset (a residential unit). A meeting to discuss the purchase of a unit and a vote will be held at the next AGM in June 2025. At least two-thirds (66 2/3%) of all owners would need to approve this.
The transaction would be handled by lawyers. The Corporation would not use a real estate agent. More details will be shared in the future.
The Board of Directors wants to hear feedback from owners about this idea. Do you think this is a good idea? What do you think a fair price would be for a 1-bedroom unit?
