The BC government has announced new legislative changes aimed at
strengthening depreciation reports for strata corporations,
effective July 1, 2024.
Impact on Strata Owners and Council Members
Depreciation reports provide estimates of the long-term repair
and replacement costs of a strata corporation's shared property
and assets. Previously, obtaining these reports could be deferred
repeatedly as long as three-quarters of a strata corporation's
owners voted annually in favor of deferral.
Updated regulations, taking effect on July 1, 2024, have now
removed the option for deferral. All existing strata corporations
with five or more strata lots are now required to obtain
depreciation reports on a five-year cycle, instead of a three-year
cycle. (Those who don't have depreciation reports, or whose
last depreciation report was received before December 31, 2020,
will need to obtain reports within specified timelines, depending
on where in BC they are located). New
