Toronto's Parkdale residents fear "radical gentrification" as European company buys up thousands of apartments
Akelius is a major European real estate company that's set it sights on two Canadian cities: Toronto and Montreal. In Toronto, Akelius, has invested heavily in one of the city's most diverse neighbourhoods: Parkdale, in the city's West End. Akelius says it's fixing up buildings to provide what they call "first class rental living." The company says it plans to buy up ten thousand rental units across the country. But some tenants and advocates say the company's real plan is to force-out low-income residents.
Guest host Susan Bonner spoke to Simon Wallace and Choying Dolkar. Mr. Wallace is a law student at Parkdale Community Legal Services. Choying Dolkar rents an apartment that is owned by Akelius.
Mr. Wallace says "This is just a huge expansion. If they buy more and more buildings in Parkdale, it might not even be possible for tenants to say 'I'm going to look for another building in Parkdale."
Now hear the response from Akelius. Ben Scott is Asset Manager with Akelius Real Estate Management.