What is a TORCA Tenancy Unit?
A TORCA (Tenant Ownership Rights Charter Amendment) Tenancy Unit allows a tenant to stay or rent a condo permanently at a certain rate, with minimal increase through time.
TORCA units are very difficult to sell and sell for significantly lower than any other place. As a homeowner buying the property, you can't move in unless the tenants, under TORCA, move out and you can't force them out. They have the ability to stay there at a really little price permanently. It will be like buying an investment property but you'll be getting a significantly low rent as compared to other rental properties.