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ARTICLE · 11 JUNE 2021

What's New With Strata Wind-Ups?

Gowling WLG
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A strata wind-up is an excellent way to realize the economic potential of a multi-unit residential property (the "strata") by leveraging the value of each unit in the strata as a whole...

CanadaReal Estate and Construction

A strata wind-up is an excellent way to realize the economic potential of a multi-unit residential property (the "strata") by leveraging the value of each unit in the strata as a whole to a developer that may want to re-develop on the strata's property.  This article summarizes the onset and development of this emerging sector in light of recent case law and current events. 

Introduction to strata wind-ups

A strata wind-up is a process that allows the owners of the strata corporation to sell a stratified property in its entirety for re-development. Historically, strata wind-ups were not common because unanimous approval of the strata owners was required. In 2016, a change in legislation lowered the approval threshold to 80% of the strata owners, making it easier to wind up and sell stratified properties in British Columbia, and causing an increase in redevelopments of previously stratified property in the Greater Vancouver area.

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