Structurally unsound condo building in north Edmonton sold to investment company for $5.1M

A condo building in north Edmonton that was found to have been built with structural deficiencies after fire ripped through the fourth floor has been bought.

A condo building in Edmonton’s Caernarvon neighbourhood first hit by fire, then found to have been built with structural deficiencies, has been sold.

The sale is bittersweet for many who owned units and are still dealing with the financial fallout.

Chantal Piche bought a condo in the building hoping it would be her forever home.

“A lot of angst still. There’s a lot of unresolved anger, which may never be resolved,” she told CTV News Edmonton on Tuesday.

In March 2023 fire ripped through the fourth floor of the building in an area directly above her second floor unit.

The damaged area of the building is still covered on the outside with plastic.

“I was immediately out as a result of the fire in March because of the water damage,” she said.

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In September of the same year, notices were posted notifying all residents that there was a mandatory evacuation after structural issues unrelated to the fire were discovered.

A report showed the building does not match the architectural designs on record and did not comply with code.

It has sat empty ever since, but condo owners like Piche are still paying the bills.

“This was going on for the last two years. I was still paying my mortgage. I was still paying my condo fees. There was still a certain amount of property taxes that were being done,” Piche said.

On top of all the condo bills, she’s now paying rent in another place.

Late last month Harmani Investments purchased the building for $5.1 million.

Co-founder Harpreet Singh says the company has dealt with buildings with structural issues in the past.

“Same thing, where there were potential structural issues and we were able to revive the building. Now, it’s fully rented over the last few years,” he told CTV News Edmonton.

“We like to challenge, and looking at this project as well, this one is going to be the biggest of all.”

He believes his company can fix the building, but if not they’ll be forced to tear it down.

“We’re hoping we can revive this and then we’ll see from there.”

Piche says she won’t be involved with whatever happens with the building.

“We get some money, most of us, not all of us, because some people have gone bankrupt. Some people have had to walk away. Some people bought in late, I think two weeks right before the fire, so they had no equity. So for them, it’s a full loss.”

“There is a sense of relief that we’re near the finish line. It’s almost over.”

Details of what each owner will get and still owes is being sorted out.

Piche says she could lose her life savings but is still trying to see the positive.

“I’m alive, I’m healthy. Let’s just take the next step. Whatever that is for each and every one of us will be different.”

With files from CTV News Edmonton’s Amanda Anderson