Does the developer owning a number of units in a strata have an effect on you?
Blog by Bettina Reid | November 12th, 2012
Ian discusses being cautionary when purchasing in a strata where the developer owns a large number of the units. As in anything when one authority has the ability to decide the outcome for you, it is truly never what is in your best interests. It will be in the best interests of that authority, whether positive or not. Any change that is made in a strata needs to be ratified by 75% of the owners. An example would be when looking to change the bylaws for the betterment of the strata. If the developer holds a large enough vote than the chances of passing the bylaw are going to be slim.
Here is Ian's blog: