October 10th, 2017
Following a recent amendment to BC’s Strata Property Act, condo owners can now effect the sale of their entire strata building with an 80% vote, as opposed to a unanimous vote as required under the previous law. This change, along with the ever-rising BC real estate market, has prompted a surge of group condo sales in Metro Vancouver.
However, these strata corporations, particularly those with older strata buildings constructed before June 2000, are now faced with a new problem: valuation of each strata unit and distribution of sale proceeds among unit owners.
Read the full Globe and Mail article here.
More information in Mondaq here.
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