The British Columbia government recently introduced a bill that
will, if passed, make it easier to cancel a strata plan and wind up
a strata corporation under the Strata Property Act (Act).
Currently, a unanimous resolution is required for the owners to
cancel a strata plan and collectively become tenants in common of
the strata lands or to appoint a liquidator to wind up the strata
corporation and dispose of its assets. If passed, the bill will
lower that threshold to a resolution passed by an 80 per cent
For strata plans with five or more strata lots, the proposed
amendments will require the strata to obtain an order from the
Supreme Court of British Columbia confirming the owners'
resolution. In deciding whether to make such an order, the court
will be required to consider, amongst other things, the best
interests of the owners and the probability and extent of
significant unfairness to one or more owners or holders of
registered charges. These considerations expand upon the factors
the court is currently required by the Act to consider when
deciding whether to make an order overriding a requirement for a
unanimous vote generally.
The bill does not otherwise make any significant changes to the
existing cancellation and wind up procedures. The result of passing
a resolution either cancelling the strata plan or appointing a
liquidator to wind up the strata corporation will continue to be
that the owners will either collectively own the strata lands as
tenants in common or will share in the proceeds of a sale of the
lands and assets of the strata.
The proposed changes to the Act will undoubtedly be of great
interest to strata owners and developers. For owners, the
amendments will provide an alternative to making substantial and
costly repairs to strata buildings approaching their end of life by
making it easier to terminate the strata and sell the lands as a
potential redevelopment site. The proposed changes will also
provide strata owners with an opportunity to realize a significant
gain on their investments, depending on the value of the underlying
land and its redevelopment potential. For developers, these changes
will create a potential new supply of land for redevelopment.
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