BRITISH COLUMBIA – Change to Strata Property Act paving the way for old condo buyouts

Global News: Change to Strata Property Act paving the way for old condo buyouts

By Justin McElroy
December 13, 2015

Michelle Renaud had no intention of leaving her 570 square foot apartment in Vancouver’s West End.

Then she – and everyone else in her building – was offered double the value of the property.

“Absolutely felt like I hit the jackpot. This is a once in a lifetime opportunity. I don’t think you’re going to find another property where someone is going to come along and give you double what it’s worth,” she said.

“I wasn’t planning on [moving], but how do you turn that down? When somebody’s going to offer you double, it’s a pretty significant offer.”

The building on 1060 Barclay Street, Barclay Manor, will be purchased by Bosa Properties, who plan on tearing down the seven-storey apartment and replacing it with a highrise.

Bosa made the offer shortly after a change to British Columbia’s Strata Property Act was passed by the government this fall. Whereas stratas used to require unanimous agreement of owners for a building to be sold, it now requires 80 per cent approval. Read more:

http://globalnews.ca/news/2398931/change-to-strata-property-act-paving-the-way-for-old-condo-buyouts/

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