With the help of our strata property and real estate teams, the owners in a 58-unit condo development, named Brandywine, successfully petitioned the British Columbia Supreme Court to dissolve their strata corporation and sell their building and land to Anthem Properties for $32 million—all done without 100% owner approval (84% of owners voted to dissolve).
This marks just the second time that a strata corporation has successfully dissolved without unanimity since Bill 40 came into effect on July 29, 2016. Bill 40 reduced from 100% to 80% the threshold needed for a strata to vote to dissolve, with courts required to approve any vote that is not unanimous.
In this new field of strata wind-up, our team has already gained considerable experience, working with more than 20 strata corporations at various stages in the process.
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