On July 28, 2016 highly anticipated changes to the British Columbia Strata Property Act came into effect by regulation. The following news release from the government provides more information about these amendments.
Of key importance to strata corporations, developers and owners alike is the reduction in the voting threshold required to terminate a strata corporation. Prior to these amendments, the Strata Property Act required a unanimous vote of all strata lot owners to terminate a strata corporation. With the coming into effect of the regulations, this voting threshold has been lowered to 80% with a court order. For more information regarding this amendment please see our previous blog post that examined a proposed amendment to the Strata Property Act.
Although these amendments to the Strata Property Act make it easier for owners to vote to wind up a strata corporation, a strata wind up is a technical, complicated process. Legal advice should be sought early on in the process to help ensure a successful wind up. Lawson Lundell's Strata Wind Up Group assists strata corporations, developers, strata management firms, appraisers and real estate agents in all aspects of strata corporation wind ups. We have valuable experience dealing with strata wind ups, including the first court-approved wind up in British Columbia, and can assist strata corporations, developers and real estate agents in navigating this process.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
