What happens when a strata building is at the end of its life cycle, or owners want to sell the building for redevelopment? Currently, all eligible voters must approve.
Did you know that the strata property legislation in BC dates back to 1966? Currently about 20% of British Columbians - about one million people = live in some form of a strata property?
The BC Government are updating this legislantion, proposing to lower the threshold to 80%.
If a strata corporation has more than five lots, then court confirmation will be required, thereby helping to protect the rights of dissenting owners.
The BC Law Institute is reviewing the following areas of strata property law:
- fundamental changes to a strata - including winding up
- leasehold stratas
- common property
- complex - mixed use - stratas
- selected insurance issues - competing interests and options
- selected governance issues - including protection of minority interests and the accountability of strata councils
- selected land-title issues