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Depreciation Reports
What Is a Depreciation Report?
A depreciation report is a detailed assessment conducted by a qualified professional to evaluate the condition and expected lifecycle of a strata corporation’s common property and assets. These may include:
- Pathways, paving, and utility services
- Exterior building components
- Electrical and mechanical systems
- Common interior areas and building structures
In British Columbia, depreciation reports are governed by the Strata Property Act and must include:
- A 30-year forecast of required renewals and maintenance
- An inventory of all common and limited common assets
- Three financial planning models for the strata corporation to consider
When is your Depreciation Report Required?
Starting July 1, 2024, all strata corporations with five or more lots must obtain a depreciation report every five years.
For new strata corporations formed between July 1, 2024 and July 1, 2027, the first report must be completed within two years of the initial annual general meeting.
Strata corporations established on or after July 1, 2027 must obtain a depreciation report within 18 months of their first annual general meeting.
What Does the Report Cover?
- Exterior and interior building components
- Mechanical and electrical systems
- Common area interior finishes and fixtures
- Utility infrastructure
- Wastewater treatment facilities
- Pathways, paving, and more
Each report is tailored to the unique features of your property, and may reflect that some common expenses may be covered by the strata corporation’s annual operating allowance.
How Much Does It Cost?
Pricing varies based on the size and complexity of your strata.
- A small bare land strata typically costs between two and three thousand dollars
- Larger multi-story buildings with advanced systems: several thousand dollars
We offer competitive rates and encourage you to request a free, no-obligation quote to get started.
Let’s build a smarter future for your strata—together
Get Started Today Contact us for a free, no-obligation quote and sample report.