Guide to Strata Wind-Ups: What You Need to Know
Strata Wind-Ups in North Vancouver and West Vancouver: What You Need to Know
If you own a condo or townhome in North Vancouver or West Vancouver, you may have heard the term “strata wind-up” or even know of buildings that have sold to developers. But what does that actually mean — and how does the process work for owners?
A strata wind-up (sometimes called a termination) is when a strata corporation is dissolved, usually so the land can be sold for redevelopment. This can happen when an older building faces costly repairs, or when developers see the opportunity to create new housing on valuable land.
For many owners, selling to a developer can be financially beneficial — but it’s also a complex legal process with very specific requirements. In British Columbia, including here on the North Shore, winding up a strata requires a high level of owner agreement, court oversight, and careful planning.
Disclaimer: This content is for general information only and does not constitute legal or professional advice. Always consult a qualified strata lawyer or professional before making decisions about a potential wind-up.
What is a Strata Wind-Up?
A strata wind-up (sometimes called a termination) is the process of cancelling a strata plan and effectively dissolving the strata corporation. In many cases, this allows the land to be sold to a developer for redevelopment.
For example, in North Vancouver or West Vancouver, an aging low-rise condo building may no longer make financial sense to repair. Instead, the owners might decide to sell the entire property to a developer who can build a new mid-rise or high-rise building.
Why Would a Strata Corporation Choose to Sell to a Developer?
There are a few common reasons strata owners may consider winding up:
- High repair costs – Older strata buildings may need extensive upgrades that are simply too costly for owners.
- Redevelopment potential – Land values in North Vancouver and West Vancouver are high, and a redevelopment project can often generate much greater value than the existing building.
- Owner consensus – Sometimes a developer approaches the strata directly with an offer to purchase all units, sparking the discussion.
What Percentage of Owners Need to Agree?
Under changes to the BC Strata Property Act in 2016, a strata corporation can vote to wind up with 80% approval of all registered owners.
This is not a quorum vote—it’s 80% of every single owner, whether or not they attend the meeting. For stratas with fewer than five units, the vote effectively needs to be unanimous.
Because winding up a strata is such a major decision, the BC Supreme Court must also review and confirm the resolution. The court ensures that the process is fair and that dissenting owners or lenders (like mortgage holders) are protected.
What is the Process of Selling a Strata to a Developer?
The process is complex and often takes 12–18 months (or more). While every situation is unique, the general steps usually include:
- Exploring the idea – A developer may approach the strata, or owners may bring forward the idea themselves. Information meetings are often held to explain options.
- Hiring professionals – Legal counsel and sometimes a real estate broker are engaged to guide the process and negotiate offers.
- Developer offer – Once an offer is received, the strata council works with lawyers to draft a termination resolution.
- Owner vote – At a general meeting with at least 4 weeks’ notice, owners vote on the termination resolution. 80% approval is required.
- Court approval – If the vote passes, the strata applies to the BC Supreme Court for an order confirming termination.
- Application to the Land Title Office – Once approved, the strata files the necessary documents to cancel the strata plan and finalize the sale.
- Disbursement of funds and move-out – Proceeds from the sale are distributed to owners (based on specific entitlement rules) and owners vacate the property.
What About Bare Land Stratas?
For bare land stratas (sometimes called “strata subdivisions”), there are additional requirements. For example, the strata must notify the local government 90 days in advance of termination, and there may be complications around who takes over responsibility for roads, sewer, and water services.
Thinking of Selling to a Developer in North Vancouver or West Vancouver?
If your strata is considering a wind-up, or if you’ve already sold to a developer and are planning your next move, it’s important to have the right guidance. While legal and professional advice is essential for the wind-up itself, you may also need real estate support to find your next home.
Our team specializes in helping North Vancouver and West Vancouver homeowners navigate transitions like these. If you’re planning a move after a strata wind-up—or simply want to explore your options—reach out to us today.