• As strata properties reach the end of their life cycle, owners may choose to sell instead of making costly repairs. Strata owners are now able to terminate a strata corporation with an 80% vote of all owners instead of the previous unanimous voting requirement.
• The Strata Property Act provides a democratic framework that enables strata owners to maintain control over their property and have a voice in its management. The B.C. Government regularly updates the Strata Property Act to ensure the legislation meets the needs of the strata community and stakeholders and is working as intended. 
• In November 2015, legislative changes to the Strata Property Act were introduced, which allow strata owners to terminate the strata corporation by an 80% vote of all owners instead of the previous difficult-to-achieve unanimous voting requirement. Other jurisdictions do not require a unanimous voting requirement.
• There is court oversight to protect any minority dissenting owners and registered charge holders (e.g. mortgage providers) which ensures the termination process is fair.
• The 80% voting threshold is a new and distinct vote. This is still a high bar as it requires 80% of all votes, rather than the more usual 50% or 75% of those voters present at a general meeting.
• As older strata corporations reach the end of their life cycle, major building and common property components start to fail, resulting in expensive repair bills which are often just temporary fixes.
• Terminating a strata corporation and selling the underlying land for redevelopment may be the best choice for strata lot owners.  Often the underlying land value of these stratas is higher than the sum of the market value of the individual units.

Terminating a strata corporation:

• Allows strata lot owners to make the best economic choice and not become trapped in a strata corporation that has reached the end of its life cycle
• Supports redevelopment and job creation
• Supports densification
• Improves the quality and energy efficiency of the housing stock