After more than 50 years of communal living, the first buildings
stratified in British Columbia under the 1966 Strata Titles
Act may be nearing the end of their useful life. The recently
imposed legislative requirement that strata corporations provide
depreciation reports outlining future repairs and sources of
financing will reveal more clearly the projected lifecycle of a
building. It may be prudent for strata owners to consider
'end of life' options for the property as a whole where the
projected cost of future repairs outweighs the financial resources
of the strata corporation and any value that may be obtained
through individual sale.
As a strata building nears the end of its useful life, it may
become difficult for owners to sell their individual units because
of the projected future maintenance costs associated with a
deteriorating building. A collective sale of the whole
property to a developer may be the most economically viable option.
The Strata
