BRRRRing arrives in Sackville as investors terminate leases on 16-unit building to up its value
A number of Sackville households are looking for new rental housing after a 16-unit apartment building on King Street in Sackville was purchased by an investment group.
Sunset Investments GP took ownership of 15 King Street at the end of June, and tenants in the building report receiving letters announcing the termination of their leases on Canada Day, July 1, 2022.
Tenants were offered “furnishing credits” along with their lease terminations, a payment designed to help them cover costs associated with finding a new place to live. But at least one tenant says they’d rather keep their home than have the payout.
According to reports on social media from those looking for rental housing, the market in Sackville is very tight, with almost no large units available for families. A King Street tenant who asked not to be named says losing their lease likely means moving out of Sackville, which was not in their plan.
“We don’t want to leave the town,” they told CHMA. “I mean, our life is here.”
Tenants who had a one year lease at 15 King Street have been given three months notice, as per the law in New Brunswick. That means apartments must be vacated by October 1, 2022. Others on month to month leases are required to receive just one month notice, and so some may have to leave by the end of July.… Continue