12-15-2021, 11:10 AM
(12-14-2021, 03:40 PM)ijmorlan Wrote:(12-14-2021, 01:21 PM)tomh009 Wrote: However, 80% of all units is really, really hard to get. There would need to be either a super good offer on the table, or massive issues with the building, to get 80% of all owners to agree.
Major renovations can be done without that level of agreement. Not down to the steel beams, but then that level of renovation really isn't all that common.
I think the kind of renovation I’m imagining that involves the whole building is the kind that would have no trouble attracting 80% support. I imagine the Board presenting a repair costing (with massive special assessments) as an alternative to a buyout, and convincing enough hesitant people that it’s time to move on. That’s not to say that a problematic situation is impossible, but you can’t have 1 or 2 unit owners in a building with hundreds of units holding up needed renewal.
I do think those kinds of massive special assessments will be much more rare (at least in Ontario) now that all condo corporations must do reserve fund studies and maintain their reserves.