The B.C. provincial government has made depreciation reports mandatory for all B.C. strata corporations.
Strata corporations in British Columbia need to obtain depreciation reports every three years unless they hold an annual 3/4 (three quarter) vote to exempt or have four, or fewer strata units.
There are different timing requirements for the first depreciation report depending on when the strata corporation was formed.
Ashton Depreciation Report Services
Ashton Service Group has partnered with Busque Engineering and Nightingale Electric Ltd to create a fully qualified team of experts to review buildings. Each team member will focus on the portion of the building they are qualified to review.
Depreciation reports do not need to be submitted to government and your property management company will be able to provide you with more information.
For more information on depreciation reports, please visit the following links:
- “What to know about Depreciation Reports” – a CHOA information guide
- A copy of the CHOA News Release may be found here
- A copy of the regulations may be found here
- A copy of Tony Gioventu’s Condo Smarts column re: Depreciation Reports and Form B changes may be found here
- Additional information is available at the B.C. Government’s Strata Property website
- A copy of the Strata Property Act Form B (as of March 1, 2012) may be found here (PDF) or here (Word doc).
- A copy of a Depreciation Report Request For Proposal may be found here (PDF) or here (Word doc).
- A copy of the OIC pertaining to 1) how long a strata corporation must maintain depreciation report records, and 2) when a strata corporation that was formed after December 14, 2011 must obtain a depreciation report is available here (PDF).