05-05-2023, 12:13 PM
(05-05-2023, 11:33 AM)ijmorlan Wrote:(05-05-2023, 01:09 AM)danbrotherston Wrote: This really isn't a problem with cost, but of condo policy. It would be wildly difficult to accomplish something like this. If a private company came to them and made them an offer, then, it would be possible for the board to present it as an option at an AGM or SGM but the membership would still have to sign on. And I'm not sure whether they'd need 66% support or 100% support, it depends on how their condo legal framework is structured, but either way, either a difficult majority to secure, or an impossible majority, and before even trying you'll have to do like 100k in engineering work just to provide a meaningful proposal to the owners (which is why the board could never do it).
If it requires an amendment to the declaration or description, then approval of 80% or 90% of the units is required, depending on what sort of amendment it is:
https://www.ontario.ca/laws/statute/98c19#BK231
Terminating the condominium entirely (which I assume includes the case of selling the whole thing; I thought 80% was required for a buyout but I can’t find an explicit provision) takes 80% approval:
https://www.ontario.ca/laws/statute/98c19#BK253
It's been a long time since I've done the condo training, but I thought it was only a 66% majority for material changes to the common elements (which depending on how the condo is structure, is what parking could be defined as.
But I think the point remains...it would be extremely difficult and extremely risky.