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New Options for Owners of Older Strata Properties
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(Posted on Sep 5, 2016 at 01:00PM by Michelle Bogle)
Positive news for strata property owners – the Strata Property Act has been amended to permit strata corporation members to terminate a strata corporation by an 80% vote. Previous, a strata corporation could only be terminated with a 100% vote.
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According to the Hon. Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing, this change was made to give strata lot owners more freedom to choose what they want to do as their property nears the end of its life cycle.Â
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He adds, “We don’t want strata owners to be stuck in a situation where they’re paying for repairs on a property not worth repairing, but they can’t terminate the strata because it’s really difficult to get a unanimous vote.†With the amendments made to the Strata Property Act, owners now have some much-needed flexibility.
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Tony Gioventu, the Executive Director of the Condominium Home Owners’ Association, agrees with this change – it’s a definite step in the right direction. “This also benefits strata corporations considering liquidation of their buildings for redevelopment,†said Gioventu.
To read the Strata Property Act in its entirety, please click here.
To read the Strata Property Act in its entirety, please click here.
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For more information on strata housing investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with an associate.
You can also view our current commercial real estate listings by clicking here.
You can also view our current commercial real estate listings by clicking here.
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