Depreciation Reports Are Now Required

Category: Education and Learning,

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.

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Mortgage Changes Over the Past Year

Category: First Time Buyer,

All the Positive Mortgage Changes Over the Past Year 30 years amortization for First Time Home Buyers Eitan’s Take: This measure only affects a small subset of the market. In general, though, it stokes excess demand and ultimately does little to improve affordability once prices adjust. Also, limits on the size of insured mortgages mitigate its impact in […]

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Interest Rates & Neutral Rates

Category: First Time Buyer,

5 Yr Fixed (insured) 4.84% ↑ 0.10% 3 Yr Fixed (insured) 4.99% – 5 Yr Fixed 5.09% – 3 Yr Fixed  5.09% ↓ 0.05% 5 Yr Variable (insured) 6.20% ↑ 0.10% 2 Yr Fixed (insured) 5.69% – 5 Yr Variable 6.30% ↑ 0.10% 2 Yr Fixed  5.99% – 4 Yr Fixed (insured) 5.09% – 1 […]