BC Depreciation Report Advisors Inc. provides professional, practical, realistic and cost-effective statutory Depreciation Reports for strata corporations in British Columbia.
British Columbia’s new Depreciation Report legislation
Recent amendments to the Strata Property Act and Strata Property Regulations require strata corporations to obtain a Depreciation Report to identify the timing and future cost of major repairs and replacements to their buildings and facilities, and to provide the owners with funding options for additional contributions to their contingency reserve fund to pay for same (if they so choose).
Objective of the new Depreciation Report legislation
The objective of this new legislation is to enable strata corporations to anticipate future capital expenditures and to determine the adequacy of, and funding options for, their contingency reserve funds, in order to:
- Ensure that improvements are safely and prudently maintained in a timely manner.
- Avoid unexpected and substantial "cash calls" from owners (which can cause significant financial hardship to owners, and result in the deferral of needed remedial work).
A portion of monthly strata fees now paid by strata lot owners is already allocated to the "contingency reserve fund" (see "Legislation"), but that fund is frequently insufficient to pay the cost of those major repairs and replacements.
What every strata lot owner, buyer and mortgagee needs to know
This site includes important information and practical considerations of the consequences of British Columbia’s new Depreciation Report legislation. See “Overview"
Our Competitive Advantage
There are 5 compelling reasons why we deliver more professional, reliable and cost-effective Depreciation Reports. See “Our Competitive Advantage”