Golden Equity

Golden Equity Properties, a numbered corporation from Alberta, is headquartered in Montreal, but 22 of the 23 buildings they own outright are located in Ontario. In business since 2001, they claim to own or operate more than 100 multi-unit residential properties and are actively seeking to acquire more. Multi-Res Management Inc. is the property management wing of the company. 

The company says it specifically seeks out properties it can “reposition” — corporate landlord-speak for buying up buildings where lower income and working-class people live — and trying to replace them with tenants who will pay more. Golden Equity state they are “aggressive” with their management “and have been very successful thus far in increasing the value of every property” in their portfolio. Aggressive management means they use a heavy hand to raise rents and displace tenants to take advantage of no rent control on vacant units.

Some strategies the company has used in the past to maximize profits at tenants’ expense include charging illegal deposit fees and refusing to refund them, pressuring tenants to sign up for electronic payments and then charging higher rents than the agreed upon amount, introducing fees where none existed previously for things like parking and air-conditioning and neglecting needed repairs and maintenance.

On the side, Derek Labell and Michael Bregman are directors of Golden Equity Children’s Foundation. Meanwhile, in their roles as executives of Golden Equity Properties, they are responsible for threatening tenants, including families with children, with eviction on a regular basis.

According to the Landlord Tenant Board, Golden Equity has been involved in filings at the tribunal more than 1900 times since 2009.

In the three-month pandemic period from Nov 2020 to Feb 2021 alone, they had dozens of eviction hearings scheduled across the province for late payment.

Michael Bregman, right

Michael Bregman, right

Michael Bregman, co-founder

Michael Bregman is the founder and managing partner of Golden Equity Properties that oversees the day-to-day finances of GEP. He says he has 20 years of experience in financing and banking.

He is also a director of the Golden Equity Children’s Foundation, which supports the Prosserman JCC in North York, Crohn’s and Colitis Canada and Beth Chabad CSL in Côte-Saint-Luc. The foundation says their mission is to raise funds “to help children improve their mental and physical health,” but tenants in their buildings report their children being covered in bed bug bites due to untreated infestations and being harassed for rent money they don’t have. 

 
Steve Bromberg, right.

Steve Bromberg, right

Steve Bromberg, co-founder

Steve Bromberg claims to have relationships with more than a hundred banks, has completed more than $3 billion in property financing, and owns several thousand apartments in the U.S. and Canada.

He was named in an Autorité des Marchés Financiers case in Quebec as taking part in pushing risky investment strategies on people who were lacking in experience while working as a financial representative. Bromberg stopped returning a couple’s calls after they indicated they were having financial trouble and instead another man’s name showed up on their first statement of investment. This man pled guilty to 27 charges related to soliciting clients to invest smaller sums in companies in exchange for larger charitable donation tax benefits

While usually hiding behind GEP when cheating tenants, Bromberg was personally named in a 2016 case where he and his partner Devorah Rezler forced a tenant to pay a $4,200 security deposit on her apartment and refused to reimburse her when she moved out. 

 

Derek Labell, co-founder

Derek Labell has been in the business world for close to 40 years, in everything from the long-distance telephone card market to currency exchange to real estate. Over the years he worked for several real-estate companies, including Monit International Inc. and Tidan.

In the early 2000s Labell had a 12 per cent stake in Internet VIP Inc., a company that provided long-distance services through VOIP between Russia and North America. The company fell on hard times, failing to produce a profit, and pivoted to NewTech Break Inc., which offered the promise of high-tech solutions for car parts. NewTech was investigated by the U.S. Securities and Exchange Commission for failing to keep up with its filings.

 

 

Ian Copnick, lawyer

Ian Copnick identifies himself as legal counsel for Golden Equity Properties and is their spokesperson in the news.  Whether it’s towing tenants out of their own parking spots, issuing eviction notices during a global pandemic or pretending not to know about the deplorable conditions in a senior’s unit, Copnick is there, ready to defend company practices. 

He is also in the habit of issuing tenants in Ontario threatening letters on his official letterhead, for crimes such as talking to their neighbours. Problem is, organizing with neighbours is perfectly legal activity and he is not even licensed to practice in Ontario.

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Adam Farber, director of Golden Equity

Adam Farber, director of Golden Equity

Farber driving  a golf cart

Farber driving a golf cart

Adam Farber, director

Update 2023: Farber says he no longer works with the company, and hasn’t had contact with the owners in close to two years.

Adam Farber is a director with Golden Equity. In his day job, Farber is a private-mortgage lender. This means he has money to loan for anybody who wants to buy property but can’t get a mortgage through a bank. Farber provides loans up to $20 million. He loaned $4.25 million to one borrower for the purchase of a mansion in Bridle Path, Toronto who had trouble getting money into the Canadian real-estate market: “Borrower had difficulty wiring funds from Iran, due to government regulations back home”.

Farber likes being a private lender for valuable properties because if his borrowers — many of whom are first time buyers whose parents cover the down payment — default, he can take ownership of the property and turn around and flip it. “Farber is most concerned with the amount of equity in the property and how quickly he can move it again if a borrower is unable to make payments”.

Adam pays cash for buildings. He offered to pay $21 million in cash for a building in Brooklyn, New York.

 

Buildings Owned by Golden Equity

  • 99 Kennedy Rd. N., Brampton

  • 51 McMurchy Ave. N., Brampton

  • 501-503 Balmoral Drive, Brampton

  • 2548 Kipling Ave., Etobicoke

  • 2313 Islington Ave., Etobicoke

  • 1760 Wilson Ave., North York

  • 1770 Wilson Ave., North York

  • 1780 Wilson Ave., North York

  • 2460 -2500 Keele St, North York

  • 1475 King St W., Toronto

  • 185 Cosburn Ave., East York

  • 15 Bater Ave., East York

  • 25, 35, 45 Trudelle St., Scarborough

  • 399 Markham Rd., Scarborough

  • 2520 Barton St. E., Hamilton

  • 45 Barlake Ave., Hamilton

  • 1425 Rosenthal Ave., Ottawa

  • 1440 Mayview Ave.,Ottawa

  • 1991-1995 St Laurent Blvd. Ottawa

  • 1917-1919 St. Laurent Blvd., Ottawa

  • 229 Argyle Ave., Ottawa

  • 250-254 Cooper St.,Ottawa

  • 161 Augusta St., Ottawa

  • 353-370 McArthur Ave., Vanier

  • 1855 Talleyrand St., Brossard

Financial Information

During the COVID-19 pandemic, Golden Equity has been hounding their tenants for rent. But they have a history of not paying their own bills. In 2018, they owed $532,512 in unpaid taxes, penalties/interest and utility charges to the City of Toronto for one building alone.

While other businesses have seen historic losses during the pandemic, Golden Equity is growing, having added an 80-unit high rise in Rexdale to its portfolio at the end of April to add to its more than $150 million in assets. Golden Equity has also been “in negotiations to acquire a multi-Billion dollar REIT (Real Estate Investment Trust)”.

Golden Equity proudly boasts that they “do not rely on outside investors for capital” and they “can close our purchases in as little as 30 days”. This means they have enough cash on hand to quickly buy large apartment buildings.

Tenant Testimonials

“I have lived in my building for over a decade and since Golden Equity took possession I have witnessed the meaning of the term 'Slum Lord'. This company conducts themselves in a blatant criminal manner. They care nothing for their tenants as human beings, they only see dollar bills with legs. They have been exploitative, neglectful and purposely difficult to communicate with. These types of companies are an unnecessary entity, they should be taken to task.”

— 1475 King W. tenant

“Over the past two months Golden Equity has refused tenants any leniency on rent payments, harassed me every day for two weeks by phone, and then on a weekly basis via email and physical letters about my unpaid rent — also claiming I owe them more than I actually do. They Issued TWO N4s, April and May, issued a nonspecific "inspection" notice to me with no reason given until they came to my door and said they needed proof that I hadn't "skipped town,” continued construction throughout lockdown and shut off water from 8 a.m. - 4 p.m. twice in one week.”

— Ottawa Golden Equity tenant

“I have had nothing but issues with this building and their staff.  I currently have a T6 and T2 application against Golden Equity regarding maintenance issues and multiple illegal entries. I had to contact city of Toronto to get them to come inspect my unit as Golden Equity said there was nothing wrong with my unit. The city came and has fined them. I was not able to use my balcony since moved in as the metal rail was loose and not attached in the cement securely, which is extremely dangerous as I live on a very high floor. My toilet was broken for over a year. My flooring was damaged by their workers when the new windows were installed. I've put in many maintenance requests to have these issues fixed that have gone unheard with no response. I hope all of us that have Golden Equity as landlords can hold them accountable for their actions.”

— 399 Markham Rd. tenant

In The News

 

Tenant towed from paid parking spot, hoisted for $700 to get car back

“Some tenants in the Vanier apartment buildings are livid because, in the past couple of weeks, a number of their vehicles were towed 18 kilometres to a compound that demanded hundreds of dollars to release them. Keri Pilgrim is furious after she paid $700 to get her boyfriend’s car back last weekend — the same day she paid the $50 monthly fee for Spot 41.

Pilgrim, who works two part-time jobs to make ends meet, is refusing to pay the October rent until the matter is settled.

“It was like we were being extorted.”

Toronto senior getting ‘an eviction by another name’ due to new disability, friends say

Friends of an elderly Toronto man who's lived in his Parkdale apartment for 45 years fear he's in the process of getting tossed out of his home due to new mobility issues, because he can't afford the solution his landlord is offering him. 

George Morrison, 77, suffered a heart attack Aug. 23, according to his neighbour Emina Gamulin, and is no longer able to climb the stairs to his third floor unit at 1475 King St. W.

"We don't think George should be punished because he now has a disability.”


Elderly, ailing tenants fume as 'ludicrous' elevator outage drags on for months

“There's been no elevator service in the six-storey building since last fall. And there likely won't be until July.

Residents — many of them elderly or frail — say they began complaining to the landlord and the city about the broken elevator early last November. A city inspector came by on Nov. 19, city records show, and gave the landlord four weeks to fix the problem.

But the owner, Montreal-based Golden Equity Properties, appealed and on Monday, the city's property standards panel extended the company's deadline. They now have until July 1 to have the only elevator at 185 Cosburn Ave. up and running.

Shirley Gastis said her husband had hip surgery last year. Without a working elevator, they can't do weekly grocery shopping, because the load is too much to carry up to their fourth-floor apartment. "What I've been doing is getting a little bit every day, or every other day or whenever we need something," she said. "I would like the elevator fixed."

She and other residents suggested communication has been a problem ever since Golden bought the building last summer.

Toronto landlord still issuing eviction notices, tenants say

“One of the tenants of the Toronto building, Emina Gamulin, said two units were served with eviction notices this week over what she said were false allegations that residents had paid their rent late.

Gamulin, who did not receive a notice, added the building was without water Thursday for the third time since the COVID-19 health emergency began. "They put up something about how we should practise proper hygiene, but, you know, how are we supposed to do that if we don't have running water?" she said. "There's people who are working from home, they're doing self-isolation, people who are out of work.... So all of these things are just becoming a situation that's untenable," she said.

"I don't think it's hyperbole to say this kind of greedy, predatory behaviour from landlords is a threat to public health.”

Bonni Burns has lived in the building for more than 13 years, and while she and her husband have not been threatened with eviction, she felt it was important to speak out in support of those who have.

"It's just a constant emotional and mental barrage of stress and unnecessary nonsense," she said."We have enough stuff to stress out about and now they're continuing to pile stuff on to us. It's, like, unbearable."” 

 

Share your Golden Equity stories with us.

Tenants across the city are organizing together against rent increases, disrepair and disrespect. Tell us about your experiences as a Golden Equity tenant and join your neighbours.

 

Tenants of Golden Equity ⁠—

Organize with your neighbours

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