Commercial Realtors, Developers, and Strata Councils are brushing up on their understanding of new Legislation regarding the termination of a Strata Corporation.
The BC legislature recently amended the existing Strata Property Act (via Bill 40) to ultimately make it easier for a Strata Corporation to dissolve. Previously a unanimous vote representing 100% of the strata membership was required for termination. As of Fall 2015 only 80% of eligible votes will be required in order to start the wind-up process.
This relaxation comes at a time when many aging strata complexes are facing increasing life cycle costs during a market wherein land values in Metro Vancouver are soaring. “The new legislation presents a viable opportunity for strata lot owners to consider selling in order to realize land values based on the highest density and best use of the land.” – commented London Pacific’s Grant Gardner.
The process is still lengthy and there are many legal and contractual ramifications that still apply when terminating a Strata. It is essential that Strata Councils seek out the correct advice in order to determine whether or not the land value warrants this undertaking at all. London Pacific has the ability to make that assessment. Should it be determined that termination is warranted, then London Pacific can put the right advisory team together to assist the Council and its membership every step of the way.