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Depreciation Reports - New Requirements

May 15, 2024
Depreciation Reports - New Requirements

Effective July 1, 2024, the Province has made changes to the Strata Property Act Regulations that impact how Depreciation Reports must be obtained.

Essentially, the main changes are:

  • Strata corporations can no longer “Opt Out” or defer getting a depreciation report by way of 3/4 vote.
  • Strata corporations must obtain depreciation reports on a five-year cycle.
  • Strata corporations without depreciation reports, or depreciation reports received prior to December 31, 2020, will have until July 1, 2026, to obtain depreciation reports:

Funding to obtain depreciation reports can still be done through the operating budget or by Majority Vote Resolution from the Contingency Reserve Fund.

For more information, below are links directly to the relevant Regulation changes as well as other helpful articles.