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ARTICLE · 13 FEBRUARY 2018

Strata Wind-Up And Sale Process: A Practical Overview

McCarthy Tétrault
McCarthy Tétrault
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As reported in a previous blog post, the B.C. Strata Property Act was recently amended to make it easier for strata corporations to wind themselves up.

CanadaReal Estate and Construction
Connor Bildfell
Connor Bildfell
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As reported in a previous blog post, the B.C. Strata Property Act1 was recently amended to make it easier for strata corporations to wind themselves up. As of July 2016, 80% approval now suffices, provided the resolution is subsequently confirmed by the B.C. Supreme Court.

The relaxed threshold for passing a wind-up resolution has opened up a valuable opportunity – for both strata owners and developers alike – to market aging strata complexes for redevelopment. Yet, to seize this opportunity, strata councils, strata owners, and developers must ensure that the wind-up and sale process satisfies the essential legal requirements in order to be successful.

The purpose of this post is to provide a general overview of the wind-up and sale process, and to offer practical tips for ensuring that process meets legal requirements.2

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