Landlord converting more than 120 Halifax apartments into condos

Two apartment buildings in Halifax's north end with more than 120 units between them are being converted into condominiums, and the owners say it's because operating the properties as rentals has become financially impracticable.

Many tenants of the two four-storey buildings on Mont Blanc Terrace started to hear rumblings about the conversion last fall. Some have already moved out or are making arrangements to leave. Others, like Andrew Macdonald, aren't ready to go.

"This puts me into a bit of a conundrum 'cause I don't know what's gonna happen next," said Macdonald in an interview.

He said he's been in unstable housing for years, and just prior moving into his current apartment, he was living in his car. The news that he will have to move again is a blow.

"Part of me wants to throw my arms up in exasperation and actually get on an airplane and go to someplace like Thailand or the Philippines where I can live off of what savings I've got and maybe teach English," he said.

Following Nova Scotia law, the owners of the two buildings have given tenants until the end of September to stake a claim on buying their own unit. Otherwise, they have to move out by Aug. 29, 2026.

Macdonald said he's not in a financial position to buy.

One of his neighbours, Jon Frost, said he's simply not interested in buying. He doesn't think the units are as valuable as the owners do.

Frost accepted a letter from his landlord earlier this month, sent by registered mail, confirming the rumours that began swirling months ago. It explains the rationale for the conversion and what rights the tenants have, including the right to buy.

The letter doesn't provide exact prices, but it says listings will "reflect normal market conditions." It says average condo prices in the neighbourhood are $400 to $600 per square foot, putting the buildings' units — which range from about 1,000 to about 1,500 square feet — anywhere from about $400,000 to about $900,000.

"We're just going to ride it out and see what happens," Frost said in an interview outside the building he, his wife and son have called home for close to 20 years.

He said he isn't worried for his own family, but some of his neighbours are in a panic and he understands why. Rental vacancy improved in Halifax last year — it rose from one per cent to two per cent — but experts say a healthy vacancy rate is in the range of three to five per cent. The market is still tight for renters.

However, the owners of the Mont Blanc apartments say the situation isn't favourable for them, either.

The buildings are owned by GBRF Properties, whose directors are Peter Polley, the president of development group Polycorp, and Robert Richardson, the executive vice-president of rental giant Killam Apartment REIT.