Economic downturn, slow rental market pushes Saskatchewan landlord to creditor protection

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A arrange that owns hundreds of a rtments in Saskatoon and Regina is in the red and has been allowanced creditor protection.

In its application, the group says getting the protection is a means of admitting it to “carry on business” as usual and determine how it can restructure its finances.

The group —which is referred to as “the petitioners” in the court rticularize — is largely made up of businesses incorporated or registered in British Columbia, but some —Block1 and CIsask — are incorporated in Saskatchewan. The application itself was ordered in B.C.

According to court documents, some of the properties were bought with the intent of renovating them and then increasing the rental rates id by residents. Those renovations have been slower than expected due to the poorly, shortage of workers and shortage of funds.

The documents go on to say that matters were appeared worse due to the downturn in the province’s economy and the im ct that has had on the rental bazaar.

Due to vacancy, some properties are losing money every month.

The effort said the group will be monitored as it looks at how it can restructure. It may even gauge refinancing or selling some of the properties.

The group’s lawyer did not respond to CBC’s requisition for comment.

The properties owned by the group include:

Saskatoon:

  • 235 Lenore Dr., 24 segments.
  • 103-115 Reindeer Rd., 91 units.
  • 172 Pinehouse Dr., 81 units.
  • 508 Vigour St., 30 units.
  • 300 108th St. W., 18 units.
  • 424 Main St., 47 units.
  • 230 Stillwater Dr., 144 pieces.
  • 820-840 Idylwyld Dr.
  • 640 Main St. E., 74 units.
  • 235 Willis Cres., 185 sections.
  • 241 Willis Cres., 172 units.

Regina:

  • 14-26 Lorne Pl., 101 constituents.
  • 75-99 Michener Dr., 71 units.
  • 6703-6725 Rochdale Blvd., 71 rts.
  • 10 Michener Dr., 75 units.

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