Owners anxious over delayed $6.2M sale of condemned Edmonton condo building

The owners of a condo building in north Edmonton that was evacuated in 2023 due to the risk of collapse are eagerly awaiting the sale of the troubled property. After months of delays, Cormode and Dickson Construction Ltd., a local commercial construction company, has made an offer to purchase Castledowns Pointe for $6.25 million.

The building has been vacant since September 2023 when engineers discovered structural flaws unrelated to a fire that occurred earlier that year. The decision to sell the property and the land it sits on was made in January 2024, rather than opting for a rebuild.

Although the sale was expected to close in November, it has been delayed multiple times. Cormode has requested extensions, with the latest closing date set for January 31. The condo board’s legal team is preparing backup plans in case the sale falls through.

Lisa Brown, a unit owner in the building, expressed her hope for a quick sale as the financial burden on owners continues to mount. The uncertainty surrounding the sale has left many owners in a state of limbo, with debts piling up.

The urgency for the sale is evident as the board is facing ongoing costs to maintain and secure the property. Condo board president Susan Strebchuk highlighted the financial strain on owners, with mortgage payments on uninhabitable homes and mounting condo fees pushing many towards bankruptcy.

The 83-unit building, constructed in 1999, requires an estimated $7.5 million in repairs to address the structural flaws. The sale process involves terminating the titles on each condo unit to create a single parcel of land that can be sold. Sale proceeds will first go towards paying off the board’s debts before being distributed to owners based on their ownership share.

Despite the potential sale, Brown mentioned that she may need to pursue foreclosure as she can no longer afford her mortgage or special assessments. Owners are still seeking accountability for the construction flaws that led to the evacuation, with many feeling emotionally and financially drained by the ordeal.

The sale of Castledowns Pointe holds the promise of closure for the owners, allowing them to move on from this challenging chapter in their lives. As the sale date approaches, the hope is that the transaction will be finalized, providing much-needed relief and resolution for all involved.