Depreciation Reports for Strata Corporations in British Columbia

The landscape of Strata property management in British Columbia is evolving with significant regulatory changes, particularly concerning Depreciation Reports. Understanding these changes and how they impact your Strata is crucial for ensuring compliance.

Regulation Change

As per the recently updated BC Strata Property Act, effective July 1, 2024, all Strata Corporations with five or more strata lots must obtain Depreciation Reports.

Key highlights of the updated regulations are:

Strata Corporations may no longer defer getting a Depreciation Report by holding an annual ¾ vote.
The recommended cycle is now every 5 years.
Effective July 1, 2025, Depreciation Reports must be prepared by one of six designated professions (Engineers, Architects, Applied Science Technologists, Accredited Appraisers, Certified Reserve Planners, and Quantity Surveyors).
Strata Corporations without Depreciation Reports, or with reports developed prior to December 31, 2020, will have the following timelines to meet:
- 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, if located in other areas of British Columbia.

Pinchin Can Help

Pinchin boasts a strong roster of experienced professionals to assist with your needs. Our Depreciation Report Team includes Certified Reserve Planners, Building Science Engineers and Technologist to address both the technical review and the financial analysis components of a Depreciation Report. Our Team prides itself on attention to detail and strives to create a report that is usable for Strata Corporations as a capital planning tool rather than merely a compliance effort. Our Clients have been thrilled with Pinchin’s inclusion of their Property Managers within the reporting effort to accurately reflect maintenance practices and present realistic project timelines.

Professional Approach

Pinchin offers consulting services tailored to its Client’s needs. We will guide you through the process, from initial assessment to final report delivery and include presentations to the Strata members so that all stakeholders fully understand the findings we present. Pinchin’s goal is to provide clarity and support, ensuring your Strata Corporation meets all regulatory requirements while considering building performance and maximizing your property’s value. Our expertise spans decades and our practice is known across North America for its deep understanding of the regulatory landscape and the core principles of Building Science.

The Pinchin Process

Reach out to our Team today to initiate the process.

For more information on Depreciation Reports requirements and the Strata Property Act, please visit the official Government of British Columbia website here.