Burnaby Now February 23 2018

Page 1

NEWS 3

Burnaby Hospital not in budget

COMMUNITY 11

Rolling towards inclusion

SPORTS 28

Schools chase zone titles

5

THINGS TO DO THIS WEEKEND FRIDAY, FEBRUARY 23, 2018

LOCAL NEWS – LOCAL MATTERS

There’s more at Burnabynow.com

SEE PAGE 15

A CLOSER LOOK: THE CHANGING CITY

FOR SALE?:

Rick McGowan, a condo owner in Metrotown, says he’s received mail from developers encouraging him to talk to his strata about selling. Tony Gioventu, the executive director of the Condominium Home Owners Association of B.C., is encouraging owners to ‘stick together’ as a strata and sell collectively, not individually, in order to get the best bang for their buck. PHOTO KEVIN HILL

Want to sell your condo? Don’t be too hasty Though city condo owners may be sitting on a bonanza, one expert recommends proceeding with caution

Tereza Verenca

tverenca@burnabynow.com

Condo owners in Metrotown shouldn’t rush to sell despite high property assessments and a recent mass rezoning of the neighbourhood. That’s the advice of Tony Gioventu, the executive director of the

Condominium Home Owners Association of B.C., who said a number of association members from Metrotown have been approached by developers. “There is economic pressure in the sense that, if you’re an attractive piece of property with an attractive location, with a higher density bump, somebody’s going

to come along and at some point offer you some money you can’t refuse,” he told the NOW. Gioventu said stratas need to “stick together” and sell as a whole, rather than individually. He said owners are likely to get at least 50 per cent more for the value of their property if they sell as a collective. (In B.C., strata cor-

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porations can terminate or “wind up” with an 80 per cent vote of all owners.The threshold was previously 100 per cent.) “Individually, they’re going to get picked off one at a time for whatever people are willing to sell for,” he said. Gioventu noted it’s important for stratas to find an exclu-

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sive commercial broker, as well as good legal counsel. “The broker can’t be representing developers or other parties. If the agreement is not exclusive, go to someone else.That’s happening a lot. It’s happening much more frequently than anybody realizes,” said Gioventu. Continued on page 9

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