Depreciation Report

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Understanding The Depreciation Report

Preamble: Provincial legislation requires every strata corporation in BC of 5 or more units to either acquire a Depreciation Report for the property or defer the report by means of a 3⁄4 vote of the owners at a general meeting. The report projects the anticipated costs of maintenance, repair, and replacement of building components over the next 30 years. Acquiring a report provides a long-term plan for strata property maintenance allowing owners to plan for future expenditures. A vote to defer has an 18-month time limit, resulting in the need to vote again at subsequent AGMs.

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