If you’re a strata owner of an older building, you could be sitting on some pretty valuable real estate.
Current Strata Property Act rules make it tough, though, to sell the building to a developer, because every single owner in the strata needs to agree.
The province wants to change that.
Proposed changes would only require an 80 per cent vote in favour of winding down the strata.
Meaning, one hold-out owner will no longer be able to make it impossible to sell, unless your building has fewer than five units.
The provincial government also wants to change the Residential Tenancy Act, making it easier for a tenant fleeing domestic violence to end break their lease.