by Macrealty Marketing Team | Jul 20, 2017 | Company
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.
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:
- Many older strata buildings are in bad condition and require extensive and very expensive repairs which owners do not want to pay for;
- 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;
- 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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by Macrealty Marketing Team | Nov 23, 2016 | In The News
Claire Wyrostok, owner of popular Vancouver vegetarian restaurant Black Lodge, wonders how long it will be until Vancouver’s hot real estate market pushes her out of business. In the four years that Ms. Wyrostok has been at her current location, on Kingsway just off Fraser Street, many of the buildings in her strip have been sold and property values have more than doubled. Since Ms. Wyrostok’s three-year lease came up for renewal in March, she says the landlord is allowing her to rent only month to month.
“Every day I don’t know if I am going to get a notice with 30 days to get out,” Ms. Wyrostok says. “Our business is done,” she adds. “You develop a business to make it bigger, but we can’t expand, and we can’t sell our business. Our business has no value on paper, because the asset is the lease.”
While the residential real estate market in Vancouver is cooling, sales of commercial properties in the region have skyrocketed. The Re/Max Commercial Investor Report says there was a 94-per-cent increase in the total dollar value of Lower Mainland sales in the first half of 2016 compared with the first half of 2015, to $7.1 billion from $3.7 billion. The number of commercial property sales in the first half of 2016 was 1,464, compared with 1,138 in the same period last year.
And some, including Tony Letvinchuk, managing director for Macdonald Commercial Real Estate Services, believe that the foreign-buyer tax on residential purchases will play a role in driving the market, which is generally perceived as a balanced mix of local and foreign buyers.
“There’s no question that the additional 15-per-cent property purchase tax will motivate foreign entities – being those who are not Canadian citizens or permanent residents – to consider purchasing commercial properties located in Greater Vancouver, where such transaction tax does not apply,” he says.
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by Macrealty Marketing Team | Jul 15, 2016 | In The News
Vancouver’s sky-high real estate prices are changing the shape of its retail districts – with pricey neighbourhoods feeling some pain, and formerly neglected pockets of the city getting a boost.
Several long-time businesses on the city’s expensive west side are either closing down or moving as retail strips transform under the pressures of rent and tax increases, redevelopment and a shifting demographic. The shopping strip along West Broadway, in the once-trendy heart of Upper Kitsilano, suddenly has vacant storefronts. Long-time shops are moving or shutting down.
“There is something wrong with West Broadway – an unprecedented number of businesses are closing their doors,” said Marion Jamieson, director of the Upper Kitsilano Residents Association. “I think the kinds of issues we’re facing in the residential areas of gentrification are also having an impact on commercial areas.”
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by Macrealty Marketing Team | Dec 8, 2011 | Community
Macdonald Realty Vancouver (including the Main Street, Downtown, and Vancouver West offices) and Macdonald Commercial held their annual Christmas party on Friday December 2nd. The annual Auction had some unique and unexpected donations this year, not the least of which was a simple loaf of FRENCH BREAD THAT SOLD FOR OVER $3,000! Veteran Westside REALTOR® and company Auctioneer Will McKitka managed to successful obtain a whopping $3,000 from one of his colleagues, which will benefit this year’s charity recipients. Vancouver publication 24hrs included the Macdonald Realty Christmas party in a story on creative charitable giving.
“We wanted to add something simple to make the point, it was time to give to our community with little or no expectations of gain or reward. One singular item that could catch the imagination of our Realtors and staff ” McKitka said. After getting the green light to quietly slip in the unusual auction item from Company CEO and President Lynn Hsu the fundraisers knew they were on to a good thing. “We knew it would be unusual enough to titillate and catch the attention of our audience…We knew it would be a winner!”
This year’s beneficiaries were the ARTHRITIS RESEARCH CENTRE OF CANADA and the VANCOUVER HOSPICE SOCIETY, who are midway through the drive to raise $4.5 million dollars for a soon-to-be built West Side hospice at 4615 Granville Street.
