SERVICES

Depreciation Reports

Strata corporations have a legal responsibility to maintain and repair all shared spaces and common assets. To fulfill this duty, they are required to prepare a depreciation report—a comprehensive document that lists all common property and assets, such as buildings, landscaping, roads, and recreational facilities.

This report outlines the anticipated costs of maintenance, repairs, and replacements over a 30-year period, helping strata councils effectively plan for long-term expenses. Even bare land strata corporations, which manage subdivisions, must obtain an updated depreciation report at least every five years.

Depreciation reports are essential tools for strata owners, as they:

• Support financial planning and reserve fund management
• Help prevent unexpected special assessments
• Protect property values and owners’ investments
• Provide useful insights for buyers, lenders, and insurance providers

For detailed information, refer to the Government of British Columbia’s depreciation report requirements on gov.bc.ca.

Contact us today by phone or email for a free consultation about your strata’s next depreciation report.