An anonymous source confirmed this, by letting the Mercury Tribune know of the plans before they were made public.

Balnar notes that some of his staff have been with the company for over 40 years.

“We have the utmost respect and appreciation for all of our staff … We built up a community over all these years, both with our staff and in our buildings,” he says.

The company has made contributions to the city over the years.

They’ve been in operation since 1977, when Michael’s parents Frank and Grace started the company as a retirement hobby.

They initially purchased the Twin Towers at 65 Speedvale Ave. W. in Guelph, but expanded the company as far as Owen Sound.

A report from the Sun Times in Owen Sound says the company sold off two golf courses in the area around 2015.

Their website states they were managing 1,600 apartments across 12 residential properties and 190,000 square feet of commercial space in 2017.

Balnar was unable to say exactly how many properties the company had in Guelph. However, their “maintenance request” page lists 20.

That list can be found here.

"In Guelph, eight apartment communities and four office buildings are being sold," Balnar said in a later email.

Balnar says the decision came from stakeholders, who agreed it was the right time to downsize.

He says the age of the stakeholders played a role, along with the condition of the real estate market.

Frank Balnar passed away in 2010.

Jana Pollard, Michael’s sister, initially took over the company with him in 2010 after their father became ill, but she passed away in 2013 from lung cancer.

Grace Balnar passed away in 2016.

The press release says the company will continue as a smaller entity.