Winding up a Strata Corporation

One year ago new amendments to B.C.’s Strata Property Act came into effect.   The new rules made it easier to cancel or “wind up” a strata corporation by reducing the voting threshold from unanimous approval of all owners to 80% approval.  The original requirement for unanimous approval made most wind ups all but impossible since, for example, a single owner in a 100 unit strata building could hold up the whole process even though 99% of the owners were in favour of a wind up.

West End

As a result, the owners of more and more older strata buildings are voting for a wind up.  There are a number of reasons to do this:

  1. Many older strata buildings are in bad condition and require extensive and very expensive repairs which owners do not want to pay for;
  2. Many older strata buildings were built at a time when densities were lower (fewer units permitted on the building lots). A developer purchasing such lots can build more units now;
  3. Consequently, many older strata buildings are in prime locations coveted by developers who are prepared to pay owners top dollar to sell their property.

However, winding up a strata corporation is a very complicated, time-consuming legal process requiring input from experienced commercial real estate brokers and lawyers.  At Macdonald Commercial we have a team of specialist brokers who work with strata corporations on wind-ups.

Some key points to consider if you are an owner of a strata corporation and considering a wind up:

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Top 15 South Fraser River neighbourhoods to buy real estate from MoneySense’s Where to Buy report

Million-dollar communities have more to offer than just price appreciation.

moneysensefraserIn April MoneySense.ca produced their annual list of Where to Buy South of the Fraser River neighbourhoods.  We’ve rounded up homes for sale in each of these Where to Buy neighbourhoods to make it easy for you to find your next home.

The top 15 South Fraser neighbourhoods for Buyers, according to MoneySense are:

  1. Brookswood, Langley

  2. Walnut Grove, Langley

  3. Aldergrove, Langley

  4. Guildford, Surrey

  5. Fort Langley, Langley

  6. Langley City, Langley

  7. Willoughby Heights, Langley

  8. Cloverdale, Surrey

  9. Fleetwood Tynehead, Surrey

  10. West Newton, Surrey

  11. Murrayville, Langley

  12. North Surrey, Surrey

  13. East Newton, Surrey

  14. South Surrey White Rock, Surrey

To view all active listings currently for sale in one of these areas simply click the neighbourhood links above or call our head office at 1-877-278-3888 to be matched to an expert real estate agent in the area of your choosing.

Read the rest of the MoneySense article here. 

Capital region homeowners consider locking in after interest-rate hike | Times Colonist

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Josh Ray is accompanied by his dog, Harley, outside his home in Saanich’s Glanford area on Wednesday. Photograph By DARREN STONE, Times Colonist

First-time homebuyers and owners about to renew their mortgages are nervous about the first benchmark interest-rate hike, a Victoria mortgage broker said Wednesday.

The increase, the first in nearly seven years, might prompt some people to lock in their mortgage rates, Colleen Flynn of Select Mortgage Group said. “It’s a concern for people. They are saying: ‘What’s this going to mean for me?’ ” she said. “I think more people are locking in to be cautious.”

Flynn said she’s also getting calls from homeowners who want to renew their mortgages early.

The Bank of Canada raised its key interest-rate target to 0.75 per cent from 0.5 per cent on Wednesday, prompting the five big banks to raise their prime rates a quarter of a percentage point. At the Royal Bank of Canada, that puts the prime rate at 2.95 per cent, up from 2.7 per cent.

Economists expect a gradual cycle of rate hikes amid rising confidence in the economy and projected growth.

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Greater Vancouver Real Estate Market Statistics – June 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in June 2017.

Vancouver

In the Vancouver Westside, there were 114 sales of detached homes and 744 active listings at the end of the month. The benchmark sale price was $3,627,200, with an average days on market of 29. The hottest markets for sales were Dunbar and Kitsilano with 17 sales each.

In comparison, the condo market had 462 sales, 685 active listings and a benchmark sale price of $772,900 with an average of 17 days on market. The hottest market for sales was Downtown VW, 96 sales.

Townhome sales were 61, active listings were 119. The benchmark sale price was $1,211,600 with an average days on market of 19. Fairview VW with 14 sales was the hottest market in June.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_June2017_VanWest

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Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – June 2017

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in June 2017.

Squamish

In June 2017, there were 26 sales of detached homes and 129 active listings in Squamish. The benchmark sale price was $947,300 with an average days on market of 31.

The Condo market had 10 sales and 35 active listings at the end of the month.  The benchmark sale price was $413,400 with an average days on market of 33.

Townhome sales were 25, active listings were 43. The benchmark sale price was $680,400, and the average days on market were 45.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_June2017_Squamish

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Okanagan Real Estate Market Statistics – June 2017

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in June 2017.

Central Okanagan: Kelowna and Lake Country

There were 283 sales, 898 active listings, and a $716,474 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 43.

The condo market featured 154 sales and 417 active listings at the end of the month. The average sale price was $320,591 with 43 average days on market.

Townhome sales were 98, active listings were 261, average sale price was $463,0641, and the average days on market were 43.

MarketHotSheet_June2017_CentralOkanagan

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North Delta, Surrey, Langley and Fraser Valley Real Estate Market Statistics – June 2017

Here are the latest real estate market statistics from Macdonald Realty on North Delta, Surrey, White Rock, Langley, and Fraser Valley listings and sales in June 2017.

North Delta

In the North Delta market, the benchmark sale price was $877,600 for detached homes. At the end of the month, there were 173 active listings and 68 sales.

The condo market had 4 sales and 18 active listings. The benchmark sale price was $309,900.

Townhomes featured 8 sales, 22 active listings and a $553,800 benchmark sale price.

It’s a seller’s market for houses and townhomes.

MarketHotSheet_June2017_NDelta

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – June 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in June 2017.

Greater Victoria

In June 2017, there were 458 sales of single family homes and 613 active listings in the Greater Victoria. The benchmark sale price was $691,100 with an average days on market of 22. The hottest market for sales was Langford with 96 sales. There were also 28 sales and 171 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 307 sales, 281 active listings at the end of the month.  The benchmark sale price was $420,900 with an average days on market of 21 The hottest market for sales was Victoria, 109 sales.

Townhome sales were 90, active listings were 80 and the benchmark sale price was $543,600. The average days on market were 17, and the hottest market was Saanich East with 23 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_June2017_Victoria

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Greater Vancouver Real Estate Market Statistics – May 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in May 2017.

Vancouver

In the Vancouver Westside, there were 188 sales of detached homes and 635 active listings at the end of the month. The benchmark sale price was $3,588,300, with an average days on market of 42. The hottest market for sales was Kitsilano with 25 sales.

In comparison, the condo market had 528 sales, 664 active listings and a benchmark sale price of $737,500 with an average of 20 days on market. The hottest market for sales was Downtown VW, 112 sales.

Townhome sales were 67, active listings were 110. The benchmark sale price was $1,154,200 with an average days on market of 24. Kitsilano with 19 sales was the hottest market in May.

It’s a seller’s market for all product types.

MarketHotSheet_May2017_VanWest

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Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – May 2017

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in May 2017.

Squamish

In May 2017, there were 37 sales of detached homes and 122 active listings in Squamish. The benchmark sale price was $880,500 with an average days on market of 46.

The Condo market had 32 sales and 24 active listings at the end of the month.  The benchmark sale price was $402,600 with an average days on market of 25.

Townhome sales were 24, active listings were 41. The benchmark sale price was $726,400, and the average days on market were 45.

It’s a seller’s market for all product types.

MarketHotSheet_May2017_Squamish

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