UPDATE: TENANT INFORMATION

SIREG BANKRUPTCY - WHAT TO DO AS A TENANT

 1. Who Do You Pay Rent To?

• Do not pay rent in cash to random individuals: Because SIREG's guaranteed rent program collapsed, individual unit owners (investors) may knock on your door demanding you pay them directly.
• Demand official documentation: Legally, you do not have to redirect your rent payments until you receive official, written notice from either the Court-Appointed Administrator (Brian M. Antman) or an official Notice to Tenant from a lawyer proving the unit's true ownership has changed hands.
• Keep your rent safe: If you are unsure who the legal payee is, do not withhold your rent entirely, as this can give a landlord grounds to evict you later. Instead, set the rent money aside in a separate bank account so you can pay it the moment the administrator or the Landlord and Tenant Board (LTB) provides clear, written direction.

2. Maintenance and Vital Services

• Your right to vital services: Under Ontario law, it is illegal for a landlord or a condo board to shut off vital services like heat, water, electricity, or hot water, even during a bankruptcy.
• The London Hydro Debt: Because SIREG owes London Hydro $212,000, the city is actively involved. If London Hydro threatens a disconnection, or if your heat/elevator remains broken, contact the City of London Property Standards department immediately at 519-661-4660. The city has the power to intervene, issue emergency orders, or step in to ensure vital utilities remain on.

3. Eviction Protections

• Bankruptcy does not end your lease: A change in property management or an investor's financial distress does not cancel your tenancy. Your lease automatically transfers.
• Only the LTB can evict you:
  An investor cannot simply tell you to leave because they are losing money or losing the property to the bank. An eviction is only valid if it comes via an official N-series form from the Landlord and Tenant Board (LTB) and is followed by a formal hearing.

4. Critical Next Steps & Resources

• Document everything: Keep a meticulous paper trail. Take photos and videos of maintenance issues (broken elevators, lack of heat). Save every text message, email, or written note from anyone claiming to own your unit.
• Get local tenant support: Reach out to local legal clinics for free advice tailored to the Kipps Lane crisis:
  • Neighborhood Legal Services (London & Middlesex): Call 519-438-2890 for free tenant legal advice.
  • London Tenant Association / Advocacy Groups: Connect with local tenant networks on the ground at Kipps Lane to coordinate responses, as many of your neighbors are dealing with the exact same landlords.

 URGENT - STOP RENT PAYMENTS TO SIREG FOR CONDO UNITS

IMPORTANT TRANSITION INFORMATION REGARDING YOUR CONOMINIUM UNIT

IMPORTANT TRANSITION INFORMATION REGARDING YOUR CONOMINIUM UNIT

Please be advised that SIREG Management Inc. (“SIREG Management”) is in the process of transitioning management of your condominium unit to the owner of the unit who will become your landlord and will manage your unit thereafter.

SIREG Management is providing a copy of your lease and contact information to the unit owner and you should also expect to be contacted by them directly. If you have any concerns as to whether the owner that contacts you in the correct person, please do not hesitate to contact info@siregmanagement.com to confirm.

Please do not make any further rent payments to SIREG Management All future rent payments should be made to the owner of the unit or such other person as they may direct.

Finally, SIREG Management is aware of instances of property management companies contacting tenants to advise that they have been appointed as replacement property managers without clear authority to do so and, in some cases, threatening tenant evictions unless rent is paid to them. You may want to confirm directly with the unit owner whether a replacement property manager has been appointed by the unit owner in respect of your unit before making any payments to a property manager or taking any directions from them.

Yours truly,

SIREG MANAGEMENT INC.

Tenant Rights of Condominium Units

SIREG Tenant's are Protected 

Because you have lived in your apartment since 2006, you hold an exceptionally strong legal shield under Ontario law regarding condominium conversions.

1. Your Absolute Protection: Security of Tenure (Section 51)
Under Section 51(1) of the Ontario Residential Tenancies Act (RTA), if a purpose-built rental building is converted into condominiums, any tenant who resided in their unit before the official condo declaration was registered has absolute security of tenure. [1]

No Eviction for Personal Use: Unlike typical renters, the new purchaser cannot serve you an N12 eviction notice claiming they or their family want to move into the unit. The law strictly forbids evicting a pre-conversion tenant for "landlord or purchaser's own use". [1]

2. What Happens to Your Tenancy?
The Buyer Inherits You: The new owner completely steps into the old landlord's shoes. Your existing tenancy agreement, your original 2006 terms, and your current rent rate transfer automatically. [1, 2]

No New Lease Required: You are under no legal obligation to sign a new lease agreement or agree to different terms just because there is a new owner. [1]

Rent Control Still Applies: The new landlord cannot arbitrarily raise your rent. They must follow Ontario's annual rent increase guidelines and provide a formal 90-day notice (Form N1). [1]

3. What You Should Expect
While there isn't an official LTB form for a sale, you should receive a formal letter (often called a Notice of Change of Landlord or a Direction regarding rent) signed by either the old landlord, the new landlord, or their lawyers. This letter must clearly state: [1]
1.The new owner's legal name.
2.Their physical address for legal service.
3.Updated instructions on how and where to pay your monthly rent. [1, 2]

IMPORTANT UPDATE FROM SIREG ON OCTOBER 15, 2026

IMPORTANT TRANSITION INFORMATION REGARDING YOUR CONOMINIUM UNIT

Please be advised that SIREG Management Inc. (“SIREG Management”) is in the process of transitioning management of your condominium unit to the owner of the unit who will become your landlord and will manage your unit thereafter.

SIREG Management is providing a copy of your lease and contact information to the unit owner and you should also expect to be contacted by them directly. If you have any concerns as to whether the owner that contacts you in the correct person, please do not hesitate to contact info@siregmanagement.com to confirm.

Please do not make any further rent payments to SIREG Management All future rent payments should be made to the owner of the unit or such other person as they may direct.

Finally, SIREG Management is aware of instances of property management companies contacting tenants to advise that they have been appointed as replacement property managers without clear authority to do so and, in some cases, threatening tenant evictions unless rent is paid to them. You may want to confirm directly with the unit owner whether a replacement property manager has been appointed by the unit owner in respect of your unit before making any payments to a property manager or taking any directions from them.

Yours truly,

SIREG MANAGEMENT INC.

 CMRAO Takes Regulatory Action Against SIREG Management Inc., Including Immediate Licence Suspensions

CMRAO Takes Regulatory Action Against SIREG Management Inc., Including Immediate Licence Suspensions

September, 2026

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TORONTO, ON, September 29, 2026 – Today, the Registrar of the Condominium Management Regulatory Authority of Ontario (CMRAO) ordered the immediate suspension of the Condominium Management Provider Licence of SIREG Management Inc. (SIREG) and the General Licence of Mr. Bernard Divona. The Registrar also issued Notices of Proposal to revoke both licences. 

SIREG operates as part of an investment model and a group of related companies associated with the Simple Investor.  

The regulatory action follows complaints received by the CMRAO and an inspection that indicates SIREG failed to deposit funds received on behalf of client condominium corporations into general and reserve accounts in the names of those corporations, contrary to section 115 of the Condominium Act, 1998. At the relevant times, Mr. Divona was SIREG’s Principal Condominium Manager. 

The inspection further indicates that after Mr. Divona ceased to be SIREG’s Principal Condominium Manager, SIREG failed to designate a licensed condominium manager to that role and failed to meet requirements to notify the Registrar regarding its Principal Condominium Manager. Having a designated Principal Condominium Manager is a mandatory condition of a condominium management provider licence. 

“The CMRAO acted quickly in response to the concerns identified through its inspection,” said Ali Arlani, Registrar of the CMRAO. 

The CMRAO does not have jurisdiction over individual unit sales or rental agreements, but does oversee how management provider businesses service condominium corporations, including how condo fees are collected and deposited. When management companies fail to comply with their regulatory obligations, the CMRAO uses the tools available to protect the public interest. 

Under the Condominium Management Services Act, 2015 (CMSA), the immediate suspension orders mean SIREG and Mr. Divona are prohibited from providing condominium management services or holding themselves out as a condominium management provider or condominium manager. 

SIREG and Mr. Divona have the right under the CMSA to request a hearing before the Licence Appeal Tribunal regarding the Registrar’s proposals to revoke their licences. The immediate suspension orders took effect upon issuance. 

About the CMRAO:

The Condominium Management Regulatory Authority of Ontario (CMRAO) is the regulatory body responsible for licensing and regulating condominium managers and condominium management provider businesses in Ontario. Its mandate includes administering the Condominium Management Services Act, 2015, and its regulations in the public interest to protect consumers in Ontario’s complex and growing condominium sector. 

Media contact:

Tsehaie Makonnen
Director, Communications and Outreach
Condominium Management Regulatory Authority of Ontario (CMRAO)
communications@cmrao.ca

Simple Investor & SIREG Property Management Inc. Problems

The real estate investment platform The Simple Investor and its management arm, SIREG Management Inc., have recently faced severe liquidity challenges and suspended rental payments to investors. 

Current Status and Developments

Suspended Payments: Founded by realtor Todd C. Slater, the company notified investors in September 2026 that rental payments and distributions were being delayed due to severe market and liquidity pressures. 
Offline Channels: Following the announcement, the official The Simple Investor website links went dead and social media accounts across YouTube and Instagram were taken down. 
Investor Concerns: Many clients who trusted the firm with multi-property portfolios across Ontario are now left in limbo, with online communities and discussions raising serious concerns about the company's solvency and recovery of funds.

 How the Business Model Works

Property Conversion: The firm buys multi-unit apartment buildings in Southwestern Ontario and converts them into individual condominiums. 
Investor Sales: They sell these individual condo units to everyday retail investors with the promise of building wealth. 
Hands-Off Management: Their management branch, SIREG Management Inc., acts as the master tenant, collects rent from actual occupants, and guarantees monthly rent payments to the property owners. 

Recent Developments

Suspended Payments:
In September 2026, The Simple Investor and SIREG Management shocked hundreds of investors by announcing they were suspending monthly rent payments.
 
Liquidity Crisis: The company cited severe market and liquidity challenges, leaving property owners scrambling to cover mortgages and financial obligations.