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The Lay of the Land DEVELOPMENTS IN CANADIAN REAL PROPERTY LAW

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Strata Wind-Up and Sale Process: A Practical Overview

Posted in Construction, Residential

Introduction

As reported in a previous blog post, the B.C. Strata Property Act[1] was recently amended to make it easier for strata corporations to wind themselves up. As of July 2016, 80% approval now suffices, provided the resolution is subsequently confirmed by the B.C. Supreme Court.

The relaxed threshold for passing a wind-up resolution has opened up a valuable opportunity – for both strata owners and developers alike – to market aging strata complexes for redevelopment. Yet, to seize this opportunity, strata councils, strata owners, and developers must ensure that the wind-up and sale process satisfies the essential … Continue Reading