With the help of our strata property and real estate teams, the owners in a 58-unit condo development, named Brandywine, successfully petitioned the British Columbia Supreme Court to dissolve their strata corporation and sell their building and land to Anthem Properties for $32 million—all done without 100% owner approval (84% of owners voted to dissolve).
This marks just the second time that a strata corporation has successfully dissolved without unanimity since Bill 40 came into effect on July 29, 2016. Bill 40 reduced from 100% to 80% the threshold needed for a strata to vote to dissolve, with courts required to approve any vote that is not unanimous.
In this new field of strata wind-up, our team has already gained considerable experience, working with more than 20 strata corporations at various stages in the process. Because of this expertise, Allyson Baker, Veronica Franco and Darren Donnelly have become sought-after speakers on the hot topic of strata wind-ups in Metro Vancouver. Next up, they’ll speak at the Condominium Homeowners Association forum on April 30 about the process, challenges and opportunities in strata wind-up. Register here.
CHOA is a consumer-based, non-profit association that promotes the understanding of strata property living and the interests of strata property owners. CHOA recognizes our group as experts in Bill 40 and strata wind-up, a new area of law that provides great potential for people and business.
Learn more about strata wind-up with Tony Gioventu, Executive Director of CHOA, in this 24 Hours article (page 17).