A recent article by the CBC, covers the story of a co-op property in South Surrey that changed ownership at the end of the property’s lease leaving residents with a close to TRIPLED rent increase or forced to try to find alternative housing.
In this video, Real Estate Specialist, Steve Karrasch of Macdonald Realty provides cautionary advice as to why co-operative and leasehold properties may look like affordable housing options, but can prove to be risky when it comes to the lease.
Closure of Surrey, BC, co-operative leaves residents desperate for affordable housing: https://www.cbc.ca/news/canada/british-columbia/totem-coop-closure-1.6839482
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.
