"Owners of a 114-unit condominium complex in North Vancouver have become among the first to achieve court approval to sell their entire complex to a developer.
The BC Supreme Court approved Anthem Properties’ bid of $51 million for the 6.5-acre Seymour Estates project on Lytton Street in North Vancouver district in December. The transaction closed in late January."For those who don't follow strata legislation, the Province changed rules last year to allow a vote of 80% of owners as enough to force the sale of an entire strata complex, pending a review in the courts. Previously the vote had to be unanimous for a sale to happen, something that was pretty much impossible.
The Seymour Estates deal has been in and out of the courts for several years.
There are a lot of strata developments on the North Shore. Many are forty or more years old, and facing massive repairs to basic infrastructure. How many more will opt to sell out, and what impact will this have on our community?
There are a number of these applications working their way through the courts right now, usually with one or two hold-out owners refusing to sell.
The wildcard in all of this is the new Civil Resolution Tribunal, which has already shown a willingness to force a strata to do essential repairs even if owners voted not to spend the money.