Effective December 13, 2013, all strata corporations of five units or more in British Columbia, must complete a depreciation report as required by the Strata Property Act, unless they have passed a three-quarters vote each year they wish to be exempt from the requirements.
Over the life of every building, owners are required to periodically make decisions, and take action, to maintain and renew the various physical components of their buildings. Each of these decisions and actions can impact the lifespan of the building components.
The degree to which maintenance impacts the service life of the building assets will depend on their durability and exposure conditions, as well as the quality of the maintenance program. It is important to be proactive rather than reactive in the maintenance and care of buildings. Proactively maintaining building assests, such as common property and the property that a strata corporation has to maintain and repair under their by-laws, will result in lower long-term costs, protection of property and asset value, minimized disruptions to residents, and lower risks for all property owners.
The Condominium Home Owners Association of B.C.is a non -profit association serving strata owners since 1976. You can get all the information on Depreciation Reports from this association by visiting their website, or follow this link: