Residents of a not-for-profit seniors' home in Yorkville, an upscale Toronto neighbourhood, will have to find a new place to live.

Davenhill Senior Living, which is located on Yonge Street north of Davenport Avenue, notified its approximately 150 residents last week that they will have to move out by the end of the year following the sale of the building.

The building was reportedly sold to a numbered company connected to a real estate development lawyer.

In a statement provided to CP24 on Tuesday, a spokesperson for Davenhill Senior Living said that the board of directors decided to sell the aging building with the realization that “any new or unexpected building upgrades or regulations would, in all likelihood, require more financial and operational resources” than a non-profit could provide.

With that in mind, the spokesperson said that board opted for the certainty of selling the building now when residents can be given advance notice rather than being forced into a sale at a later date.

“The decision to close the residence was taken over a period of time and after an extensive review,” the statement said. “The board of directors faced a choice. Whether to close the facility on our own terms, or whether to wait until an event outside our control and financial constraints forced us to close with immediate effect and no lead time for our residents to find a new home.”

‘It has been devastating’

A staff meeting was held on July 3 to notify the roughly 100 employees of the facility of its impending closure.

Residents were then notified a short time later.

One woman, who spoke with CP24, said that some of her neighbours moved in just a few weeks ago and thought they would be in the building for the rest of their lives.

She said that the impending closure has left a “pall over the whole community.”

“It is like a bomb struck. It has been devastating,” she said. “I am really concerned about all of the residents, many of whom are in much more difficult situations than I am.”

In its statement, Davenhill Senior Living said that it “acknowledges and regrets” the impact that the closure of the facility will have on residents. The statement, however, notes that the closure was “inevitable.”

“In keeping with our mission, the health, safety and welfare of our community was our primary concern when making this difficult decision,” it reads. “By making it proactively, closing on our own terms, and announcing it now, with time, we are ensuring our residents and our caring and loyal staff have the opportunity to manage the transition to the next chapter of their lives.”

Davenhill Senior Living says that each resident will be given access to a dedicated relocation consultant at no cost. That consultant will “conduct property searches, provide information about properties, coordinate residence tours, arrange transportation, and conduct all move services including packing and unpacking,” according to the statement.

According to a report in the Globe and Mail, the sale of the building took place in May. The newspaper said that the new owner of the building is a numbered company which lists a real estate development lawyer as its director and president.