B.C. Government’s updated Bill 40 law makes it easier for condominium owners to group together to sell their complexes
In September, Bill 40 changed the Strata Property Act so that condominium owners could seek BC Supreme Court approval to wind up a strata corporation when 80% of all owners vote for that action in a meeting. The law triggered negative conversation in the past; however, Colliers International's recent sale of two major development sites demonstrates how Bill 40 can result in positive outcomes.
Both properties, located in Coquitlam, achieved 100% of strata votes and sold within six months, a record for this kind of sale, which typically takes up to one year to close. Property #1 at 633 North Road closed on March 15, and Property #2 at 705-707 North Road closed on March 31.
“In many cases, our clients were able to move into a new home mortgage-free with the additional equity they received through this process,” states Casey Weeks, Vice President, Investment at Colliers International. “With such positive potential outcomes, we are definitely observing a trend in which strata buildings are being liquidated.”