Strata depreciation reports are mandatory

Depreciation reports are mandatory as of December 14, 2013 for all strata corporations.

Depreciation reports must be prepared by a qualified person and updated every three years, unless the strata has:
• four or fewer units; or
• five or more units where the strata exempts itself through an annual 3/4 vote.

Strata corporations formed after December 14, 2011, must file a depreciation report within six months of their second AGM.

What is a depreciation report?

 “The depreciation report identifies future costs from the buyers’ perspective that can’t be discovered in a typical building inspection,” explains Tony Gioventu, Executive Director, Condominium Home Owners Association of B.C.

Here are two sources of detailed information about strata depreciation reports:

1. What to Know About Depreciation Reports by the Condominium Home Owners Association of B.C. Available at www.choa.bc.ca/resources.html#smarts.
2. Guide 12: Depreciation Reports. Available at: www.housing.gov.bc.ca/pub/stratapdf/Guide12.pdf.

 

Read more: http://www.rebgv.org/strata-depreciation-reports-are-mandatory

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