Condo owners in Vancouver may find themselves in a minority if 80% of co-owners agree to flog their building’s land for development.
Thanks to Glen Korstrom in Business In Vancouver for the story.
Owners of a Vancouver condominium complex have became the first in B.C.’s history to successfully vote to dissolve their strata corporation and sell their building to a developer without obtaining unanimous support.
On December 12, more than 20 owners voted in excess of the necessary 80% threshold to accept an offer to buy their building, according to Condominium Home Owners Association of BC president Tony Gioventu and Clark Wilson partner Darren Donnelly, who were both at the meeting. . .
. . . Bill 40 lowers the required threshold to 80% from 100% for strata corporation members to vote to dissolve their entity and sell their buildings. . .
. . . Donnelly’s law firm represents more than a dozen Metro Vancouver strata corporations that are in various stages of trying to sell their buildings.
“[Clients’ buildings] tend to be underdeveloped relative to the density that would be allowed, and they are near transit so the development value is higher than the current value,” he said.
“At the other end of the spectrum you have stratas that aren’t necessarily in high-value locations or underdeveloped, but they are facing devastating repair bills.”