I just learned that yesterday the BC Government has ordered that all stratas with 5 or more units must obtain a depreciation report on a five-year cycle.
The order can be found here and here.
- Effective July 1, 2024, stratas may no longer hold an annual 3/4 vote to defer getting a depreciation report.
- Strata corporations without any deprecation reports, or depreciation reports completed prior to December 31, 2020 must have a new report by July 1, 2026 if in the lower mainland and Victoria, and July 1, 2027 in all other areas of BC.
- New strata corporations established on or after July 1, 2024 but before July 1, 2027 must get a depreciation report within 2 years of the strata’s 1st annual general meeting, and every 5 years after that.
- As of July 1, 2027, developers will provide funding towards the first depreciation report for new strata corporations with 5 or more units. Funding is a minimum of $5,000 plus $200/strata unit, to a max of $30,000.