03 October 2017 0 Comments Posted By : Glen Korstrom

B.C. Supreme Court rejects condo-building sale attempt

A group of condominium owners won a huge court victory over their neighbours September 21 when BC Supreme Court Justice Warren Milman dismissed an attempt by a larger group of owners to wind up their strata corporation and sell assets to a developer.

Milman ruled that the strata corporation at Bel-Ayre Villa, at the corner of West 10th Avenue and Burrard Street, did not follow the process set out in the B.C. government’s Bill 40, which passed last year. The legislation loosened regulations for selling stratified buildings to allow for sales as long as 80% of owners support the transaction and a BC Supreme Court judge approves the sale.

Previously, unanimous consent from owners was required.

The Bel-Ayre case is the first in which a strata corporation that obtained the necessary 80% support from owners failed to obtain court approval.

Strata corporation windups that have received court approval include Twelve Oaks at 2777 Oak Street and Brandywine at 585 Austin Avenue in Coquitlam.

Neither of those cases involved dissenting owners appearing in court to argue against the sale. Instead, owners in those developments who opposed the deal told Business in Vancouver that they were resigned to accepting the sale and they did not see the value of hiring a lawyer to argue their case.


views : 95 | images : 1 | Bookmark and Share

Enter your comment below

Leave a Reply


Most Popular

BusinessVancouver taxi companies gear up for seasonal rush

Vancouver taxi companies have added nearly 100 vehicles to their weekday service under temporary p [...]

11 December 2017

BusinessVancouver searches for ways to preserve ‘legacy’ businesses in Chinatown, other areas

The Gain Wah restaurant in Vancouver's Chinatown is small and unremarkable from the outside, wi [...]

11 December 2017

BusinessWeighing proportional representation pros and cons

Would moving to proportional representation affect B.C.’s triple-A credit rating? Probably not [...]

13 December 2017

BusinessThis BC Green PR campaign could deliver coalition coagulation

At least Andrew Weaver is clear: he will keep opposing the party he will continue to support. The [...]

13 December 2017