A wealthy entrepreneur, expert in renovations, buys all of Montreal

A wealthy entrepreneur, expert in renovations, buys all of Montreal

A young Montreal real estate developer dubbed the “King of Renovation” found himself before the Administrative Housing Tribunal on Wednesday. Tenants want to block his way to a new purchase.

It was Le Devoir newspaper that recently revealed the existence of Henry Zavriyev, who has made $13 million in profits from real estate transactions since 2017. The 28-year-old, owner of 1,000 rental units, describes his career as a success story, but many tenants see it as a threat.

The Montreal daily detailed Zavriyev’s strategy of buying buildings at affordable rents, strongly encouraging tenants to move out, renovate and often rent for twice the price.

Concerned renters in downtown Montreal have also learned that the wealthy developer has bought one of the 5 buildings that make up the complex they live in. They appeared before the Administrative Housing Tribunal on Wednesday, demanding that the developer be prevented from extending its control over the other buildings that make up the block of buildings bounded by Lincoln and Chomedey streets.

TVA Nouvelles consulted Mélanie Chaperon, a lawyer on housing law, who specified that “it will be difficult for her. The housing administration court has to ensure the protection of tenants’ rights when there are commonalities.” She adds: “You have to understand what a building complex is. These are two buildings, twelve apartments and common services. If there are no common services such as a swimming pool, parking lot or laundry room, the court allows the owner to alienate these buildings so that they can be used together and sold separately.

In Quebec, the Minister for Communities and Housing, Andrée Laforest, was questioned about renovations in the morning.

“I say don’t wait, ask for help. If this is a reason for a possible eviction, you will be called immediately within 48 hours. The funds are there, the apartments to be liberated are released.

The organizer did not answer our call.

Benoit Dorais of the Plante government recently declared: “Such practices are unacceptable, shameful! Our administration is tightening its regulations, changing its administrative practices and systematizing follow-ups with tenant organizations, but it is also up to the Quebec government: the civil code needs to be reformed.