Vancouver Condo Owners Hit the Lottery Thanks to Bill 40
Bill 40 was introduced in BC in July 2016. It allows Strata owners to sell entire condo buildings with only 80% approval, as opposed to unanimous approval. Thanks to this bill, the condo owners of two buildings in Coquitlam, BC have “hit the lottery”. The 36-unit condo and the 48-unit condo projects were sold for $14 million and $20 million. Due to the building’s age and expensive repair costs, the owners of the condos were pleased with the sale, with the individual units selling for more than the average condo in Coquitlam. This shows how selling condo buildings can be a quick and profitable process, thanks to Bill 40.
To read the full article, visit: https://biv.com/article/2017/05/bill-40-has-coquitlam-condo-owners-hitting-lottery
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