Scheduled Construction Timeframe- Spring 2024.
Redevelopment of Pyramid Apartments – 5360 – 204th Street
Contact Tenant Relocation Coordinator, Ryan Young, REMI Realty Inc.
Telephone Number: 604-530-9944
Upcoming City Council Meeting Dates.
Pyramid Apartments Tenant Information Meetings
Financial Compensation to Tenants
Financial Compensation provided by Whitetail Homes Ltd. shall be provided based on length of tenancy as follows: Compensation is to be paid out no later than termination of tenancy;
|Length of Tenancy||Compensation|
|Up to 5 years tenancy:||4 months notice (as per RTA) plus 2 months rent;|
|6 to 10 years tenancy:||4 months notice (as per RTA) plus 3 months rent;|
|11 to 15 years tenancy:||4 months notice (as per RTA) plus 4 months rent;|
|16 to 20 years tenancy:||4 months notice (as per RTA) plus 5 months rent;|
|Over 20 years tenancy:||4 months notice (as per RTA) plus 6 months rent.|
|RTA-Residential Tenancy Act
Whitetail Homes Ltd. shall pay up to $750.00 for a one-bedroom unit, up to $1,000.00 for a two-bedroom unit, and $1,250.00 for a three-bedroom unit, for an insured moving company to relocate existing tenants into alternative accommodation, or provide an equivalent flat rate payment.
First Right of Refusal to Tenants
Whitetail Homes Ltd. are proposing both strata titled tenure and rental units on the subject property, and will provide all displaced tenants returning as renters with a rent set at 10% below market rental rate. For tenants returning as purchasers, these tenants will be offered a 5% discount of the strata purchase price to qualified buyers purchasing a new unit in this development, or another Whitetail Homes development project.
Whitetail Homes Ltd. is committed to providing additional support for vulnerable tenants in accordance with City Policy CO-81. This will be assessed on an individual basis as part of the Occupancy Report.
Vulnerable tenants are defined as those:
with disabilities that have a recognized disability pension or are considered disabled for income tax purposes, and/or seniors aged 55 or older, as per BC Housing definitions;
who qualify for deep subsidy and Rent Geared to Income (RGI) units, according to BC Housing eligibility criteria; and
who are currently paying monthly rent that is equivalent to or less than average month rents for RGI units in the City.
The following financial compensation shall be provided to vulnerable tenants (this supersedes financial compensation noted above);
If a vulnerable tenant is relocated to a non-market, subsidized unit: 4 months rent for tenants with tenancies up to 15 years, 5 month rent for 16-20 years, and 6 months rent for over 20 years; and
If a vulnerable tenant is relocated to a rental unit that is not a non-market, subsidized unit: 6 months rent, regardless of tenancy length.