Not any more - now if 80% of owners agree, the deal can proceed. With the stroke of a pen the government has freed up thousands of development sites across the city and the Province which previously would have been almost impossible to assemble and redevelop. I am aware of situations where offers of double the assessed value have collapsed because of two or three greedy owners demanding even more.
If you own some run down old condos in prime locations, instead of looking at the Depreciation Report and pondering the costs of major repairs, you might find yourself pondering some very tempting "over market" offers from developers who want to win that 80% vote. Just remember to avoid being amongst the last holdouts because once the developer has the other 80% he won't need to be so generous with the holdouts.
STRATA PROPERTY LAW PROJECT—PHASE TWO
Media Release
BCLI welcomes reforms to rules on terminating a strata
for immediate release
Vancouver, 8 October 2015—Bill 40, which was introduced today in the Legislative As-‐ sembly of British Columbia, contains proposed amendments to the Strata Property Act that will improve the rules governing termination of a strata corporation. The proposed chang-‐ es are based on recommendations found in BCLI’s Report on Terminating a Strata, which is the first report issued in BCLI’s Strata Property Law Project—Phase Two.
“As strata buildings in British Columbia age,” said Patrick Williams, chair of BCLI’s Strata Property Law (Phase Two) Project Committee, “more and more strata owners will be con-‐ fronted with the difficult decision of whether to renew or terminate their stratas. On behalf of the committee, I applaud this bill, which acts on the committee’s recommendations and, if enacted, will give strata owners a more realistic framework for considering termination.”
The key provisions of the bill reduce the voting threshold for authorizing termination from the unanimous consent of owners to the approval of 80 percent of all owners and set out a process for confirming the decision to terminate by the British Columbia Supreme Court.
BCLI’s Strata Property Law—Phase Two Project has been made possible by funding from the Real Estate Foundation of British Columbia, the Notary Foundation of British Columbia, the Ministry of Natural Gas Development and Responsible for Housing for British Columbia, Strata Property Agents of British Columbia, the Real Estate Council of British Columbia, the Real Estate Institute of British Columbia, the Association of British Columbia Land Survey-‐ ors, the Vancouver Island Strata Owners Association, and the Condominium Home Owners Association.
The British Columbia Law Institute strives to be a leader in law reform by carrying out the best in scholarly law-‐reform research and writing and the best in outreach relating to law reform.
Contact: Kevin Zakreski Staff Lawyer
(604) 827-‐5336
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