Residents at a Surrey housing co-op that has been around for 40 years face a difficult decision after the land was recently sold to a new owner — agree to steep and sudden rent increases or move out by July 1. Read more.
Since then, she has been worried that the land could be sold out from under the residents for redevelopment.
He said that the previous pension fund owners offered the co-op the chance to buy the land in 2017. At the time, it would have cost less than $10 million. The co-op was given some discounts, but there would still have been rental increases of between three and seven per cent. Currently, it’s working on several deals with co-ops on leased land that are at risk of being sold to the private sector in Coquitlam.The “tragedy” goes beyond the plight of the current families in Totem’s 58 units, but includes the loss of having those more affordable rental units in the future, said Armstrong.
Richard Coulter’s daughter and son-in-law and three grandchildren have been living at Totem. He’s a commercial real estate developer and had reached out to the pension fund owners of the land in the late fall of 2022 with a plan for the co-op to assign its first right of refusal to a company that would buy the land and offer residents 24 months of not having to pay rent and then ultimately $50,000 to find somewhere else to live.
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