“Thousands of BC stratas used the deferral provision to avoid the cost — often to the detriment of future buyers.”
What Changed
British Columbia’s Strata Property Amendment Act eliminated the annual vote that previously allowed strata corporations to defer obtaining a depreciation report. Starting July 1, 2024, all BC strata corporations with 5 or more strata lots are required to have a current depreciation report, renewed every five years.
What Is a Depreciation Report?
A depreciation report is a professional assessment of a strata corporation’s common property, common assets, and limited common property. It projects the expected remaining life, current condition, and repair or replacement cost of major components — roofs, elevators, plumbing, parkade, windows, and more — typically over a 30-year horizon.
Metro Vancouver Deadline: July 1, 2026
Strata corporations in the Metro Vancouver Regional District that did not previously have a depreciation report, or whose report is more than 5 years old, must obtain one by July 1, 2026.
What This Means for BC Strata Buyers
- Request the most recent depreciation report as part of your strata documents package.
- Confirm it is dated within the last five years.
- Review the reserve fund balance against the report’s recommended contributions.
- Pay attention to the report’s “fully funded” vs. “threshold” vs. “baseline” scenarios.
Pellucis extracts, summarizes, and scores the depreciation report as part of every BC strata review.
Source: www.bclaws.gov.bc.ca