Amongst other things, this proposed amendment will make it
easier for owners to terminate or wind-up a strata corporation.
Under the current Strata Property Act, a unanimous vote of
all strata lot owners is required to terminate a strata
corporation. The proposed changes would lower this voting threshold
to require only an 80% vote of strata lot owners, thereby making it
easier for a strata corporation to be terminated.
The ability to terminate strata corporations is becoming an
increasingly important issue in British Columbia. Many older strata
buildings in Vancouver and across the province are reaching the end
of their life cycle and, as a result, these buildings and related
common property may require costly capital repairs which many
owners would rather not pay. Additionally, as developers search for
new development opportunities across the Lower Mainland, aging
strata buildings (and more specifically the land beneath them) are
becoming appealing assets as many of these older strata
developments were built using lower density levels than is
The proposed changes to the Strata Property Act are
based on recommendations made by the British Columbia Law Institute
in its February 2015 Report on Terminating a Strata and are
widely supported. Edward Wilson of Lawson Lundell LLP is the
Urban Development Institute representative on the committee that
published this report.
Strata corporations and developers should keep Bill 40-2015 on
their radars as this Bill makes its way through the
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An early report Monday morning on all radio and news stations stated that two major Canadian cities have been ranked among the highest in the world for real estate. These two cities of course being Vancouver and Toronto
All of the other tenants had left as a result of agreements made with the Landlord, which offered to relocate the Tenant into similar premises in an adjoining building owned by the Landlord, and to pay compensation.
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