Important Changes to Depreciation Report Requirements

As you may have heard by now, as per Order in Council No. 204-2024, the BC Government has amended the Strata Property Act and Strata Property Regulation, specifically as it pertains to depreciation reports.

Here’s a quick summary of some of the changes:

1. As of July 1, 2024, strata corporations with 5 or more strata lots:

  • Can no longer waive or defer obtaining a depreciation report, and

  • Must obtain a depreciation report every 5 years.

2. Existing strata corporations without depreciation reports, or those with reports completed before December 31, 2020, have a grace period to acquire new depreciation reports:

  • Until July 1, 2026 - for stratas located in Metro Vancouver, the Fraser Valley, or the Capital Regional District (excluding the Gulf Islands and other islands within the CRD).

  • Until July 1, 2027 - for stratas located in other areas of BC.

3.New strata corporations:

  • Created on or after July 1, 2024, but before July 1, 2027, must:

    • Obtain a depreciation report within 2 years of their first annual general meeting (AGM), and then

    • Every 5 years following that.

4. Who is eligible to prepare a depreciation report?

  • As of July 1, 2025, strata corporations must obtain depreciation reports from one of 6 designated professions, which includes:

    • Engineers

    • Architects

    • Applied science technologists

    • Accredited appraisers

    • Certified reserve planners, and

    • Quantity surveyors

While this summary captures some of the most important changes, it is not exhaustive. We’ll continue to send updates as we approach various implementation deadlines, to keep you well informed.

Thats all for this week. Have a nice week ahead.


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