Selling off entire strata properties now easier

Carlito Pablo, Georgia Straight
November 15th, 2017

A unanimous vote is no longer required before owners can terminate their strata corporations

The provincial government has made it easier to terminate strata corporations. Since July 28, 2016, owners have been able to wind up their strata corporations with an 80-percent vote instead of the previous unanimous requirement.

The latest Goodman Report provides an indication of how the market is going for entire strata properties.

According to the report, prepared by the real-estate company of the father-son team of David and Mark Goodman, five strata properties were sold across Metro Vancouver between January and September of this year.

Two of these properties were in Vancouver, and the three others were in Burnaby, North Vancouver, and White Rock.

In Vancouver, the strata property called Twelve Oaks sold for $21.5 million. Located at 2777 Oak Street, the building has 30 units. According to the Goodman Report, the price represents an average of $716,667 per unit.

Like Southwinds, Twelve Oaks was built in the early 1970s.

According to Vacca, Southwinds owners are selling their strata property for $59 million. This means that, on average, each unit may get about $900,000, so she is looking at an almost eightfold increase in her original investment. She bought into Southwinds for about $130,000 in 2003.

Vacca works as support staff at a Vancouver school, and she is not thinking of moving to the suburbs. “I have to stay in Vancouver, as my job is 10 minutes away and my daughter wants to stay at her school,” she said.

Vacca is confident that Southwinds will sell because of its redevelopment potential.

It’s located across from the Killarney Shopping Centre, and there are schools nearby. Also close is the Killarney community centre. Buses run on both sides of the corner property.

Vacca said, “I am very happy to think about getting out of this apartment and into something that will be more beneficial for my daughter and I.”