In July 2016, amendments made to the Strata Property Act lowered the voting threshold for dissolving a strata corporation from a unanimous vote to 80%. Some buildings in Metro Vancouver are finding it beneficial to conduct a strata wind-up rather than incur large expenses over time from costly repairs and maintenance. With the high cost of real estate in Metro Vancouver, many unit owners are seeing financial gains from choosing to dissolve their strata corporation and sell their building to a developer. Winding up a strata corporation, however, is an intricate process, and great care should be taken to ensure a successful dissolution.

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Friday December 09, 2016