Right now, in the province of BC there are over 2500 Strata Corporations that are over 45 years of age. Many of these condo and townhouse developments are sitting on large parcels of land in grade A locations. Sometimes a developer will come in and offer to buy out or liquidate an entire Strata and offer a premium price if all the owners agree to sell. The problem is that it takes a 100% unanimous vote by all the owners to approve such a sale. That's a tall order and the reason why very few Strata larger than a duplex or triples ever get liquidated. According to Tony Giovent, the president of the BC Home Owners Association, this Strata law requiring a unanimous vote may change in the near future and only require a vote of 85% to 90% to get passed. This just might pave the way for many older Strata that are in need of major remedial work get liquidated at a premium price to the owners. It will be interesting to see what opportunities this may present in the future.
This entry was posted on June 18th, 2014 by Owen Bigland | Posted in Video Blog