Depreciation reports will now have a five-year renewal cycle
Dear Tony: How do the new changes to depreciation reports apply to smaller strata corporations like a bare land or townhouse strata of less than 25 units? We have very few items of common property and have chosen to defer the requirement as we cannot justify the cost.
If a strata corporation has not commissioned a report since December 31, 2020, or deferred the obligation by a 3 / 4 vote, there are two time periods for compliance that will affect you. As of July 1, 2025, service providers in B.C. must be engineers and geo scientists, architects, registered applied science technologist, accredited appraiser, certified reserve planners by the REIC, and a professional quantity surveyor in Canada.
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