Strata Development Termination - Category: Property Sales
Posted by Jack Barker
Two recent BC court cases clarify when a strata council might list a terminated development project for sale, or contract to sell it to a buyer.
Many of BC's earliest strata developments are around 50 years old. Aging strata buildings may be located in an area rezoned for higher density development, or need so much remedial work that selling the project to a developer for redevelopment is more cost effective. In 2016, the province of BC made it easier for strata owners to choose to terminate their development, lowering the threshold for a winding-up resolution to 80%. Since then, the Supreme Court of British Columbia has decided several important termination cases.