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.
Please submit your email via the following form. A confirmation email will be sent to verify your email address and you can opt out of the email notifications at any time.