Claire Wyrostok, owner of popular Vancouver vegetarian restaurant Black Lodge, wonders how long it will be until Vancouver’s hot real estate market pushes her out of business. In the four years that Ms. Wyrostok has been at her current location, on Kingsway just off Fraser Street, many of the buildings in her strip have been sold and property values have more than doubled. Since Ms. Wyrostok’s three-year lease came up for renewal in March, she says the landlord is allowing her to rent only month to month.
“Every day I don’t know if I am going to get a notice with 30 days to get out,” Ms. Wyrostok says. “Our business is done,” she adds. “You develop a business to make it bigger, but we can’t expand, and we can’t sell our business. Our business has no value on paper, because the asset is the lease.”