Depreciation Reports

Strata corporations have a legal obligation to maintain and repair shared spaces and assets. To help with this, they must create a depreciation report, which catalogs all common property and assets, including buildings, landscaping, roads, and recreational facilities. This report also projects the costs of maintenance, repairs, and replacements over the next 30 years. Even bare land strata corporations, which oversee subdivisions, must obtain these reports every five years. These reports help strata lot owners plan for future expenses, avoid unexpected fees, and protect their investments. They also provide valuable information for potential buyers, mortgage providers, and insurance companies.

See the gov.bc.ca depreciation report requirements for more information and call or email us today for a free consultation.