Proposed Changes to the Strata Property Act
Interesting News today regarding proposed changes to the Strata Property Act, courtesy of News Talk 980 CKNW.
As we see buildings continue to age, there have been occasions where there is a desire to sell to a Developer. There's one case in North Vancouver that we know of that has been ongoing for many years, because at this time, under the current Act, 100% of the owners must agree to the sale in order for it to move forward. Ultimately, court action has been taken, as not everyone was in agreement. This case is still ongoing.
The Province is proposing moving the percentage of owners in agreement from 100% to 80% agreement. This is a lengthy process and will not have immediate effect. We'll see where this goes!
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