Condominium owners at The Berkeley, near 101 Avenue and 116 Street in Edmonton, say companies are sending repeated offers to buy units as part of efforts to turn the building into rental housing. Owners and board members say they are being inundated with letters promoting the conversion, known as deconversion, and offering above-market prices.

Owners describe the activity as a “hostile takeover” and say firms are making offers on multiple units at once to build a majority voting stake. They worry that a company with enough votes could take control of the board and leave owners who decline to sell with limited options.

“They can start taking control of the board of directors and issuing special assessments and levies that the other owners maybe can’t afford,” said Darlene Reid of the Realtors Association of Edmonton. “Now these people are being forced out of their homes and forced to sell.”

Reid said the approach is occurring at several Edmonton buildings. “It is totally legit and legal - I just don’t think it’s very ethical.”

Harmani Investments, one of the companies identified by owners, told Global News its goal is to create long-term rental housing. The company acknowledged that not everyone supports condominium deconversion and said it respects those views. It said its offers to purchase units are voluntary and that it exercises the rights associated with units it owns.

The owners’ concerns centre on how gaining a majority voting stake could affect those who remain in their homes. Global News reported on the situation in a video by Erik Bay.

Based on reporting by Global News Edmonton.