Sale of west end buildings spurs fear among tenants

Four rental buildings in Vancouver’s west end have been put up for sale and residents fear that will mean big changes to their rental agreements.

According to sales documents published by Colliers International, Beach Towers, four buildings lining Vancouver's English Bay, have been placed on the market. There is no published asking price, but estimates peg the buildings' value at hundreds of millions of dollars.

A company called Liberty Investments currently owns the four buildings, which hold 598 suites and make up 15 per cent of the rental stock in the west end, the Colliers documents say.

Brent Granby, president of the West End Residents Association, said he is worried new owners will try to chase out residents of the buildings so they can increase rents.

"When you have an existing tenant, you can only raise the rent by 3.7 per cent per year. If you get a new tenant, you can raise the rent to whatever you want," he said.

In the past, landlords have evicted tenants on the grounds that they are doing major renovations.

But Martha Lewis, executive director of the Tenant Resource and Advisory Centre, said evictions are unlikely.

"If you get a decent company buying this building, the tenancies should continue just as they do now. A landlord cannot evict tenants unless he has good reason to do so."

It is not believed the units will be sold as condominium units, as the City of Vancouver has a policy that ensures a minimum supply of rental stock in the west end.

Prospective buyers are being asked to submit their bids by May 7.