Under the Strata Property Act, SBC 1998, c. 43, and the Strata Property Regulation, a Depreciation Report is a mandatory 30-year financial planning document for BC strata corporations with 5 or more lots. It estimates the repair and replacement schedule and costs for major common property and assets. The report must include an executive summary and, where applicable, air conditioning and ventilation components.

As of July 1, 2024 (as of 2026-07-27 — verify current), pursuant to amendments to the Strata Property Regulation implemented by OIC 204-2024, Depreciation Reports must be obtained every 5 years (as of 2026-07-27 — verify current). The previous option to defer via a 3/4-vote (as of 2026-07-27 — verify current) has been eliminated. Verify current requirements with a BC lawyer or notary before acting.

As of October 27, 2025 (as of 2026-07-27 — verify current), under amendments to the Strata Property Regulation by OIC 497-2025, nine designated professions may prepare Depreciation Reports: engineers, professional licensee engineers, architects, architectural technologists, applied science technologists, certified technicians, certified appraisers, certified reserve planners, and quantity surveyors. Verify current designations with a BC lawyer, notary, or the preparer's professional regulator before engaging them.

No. Under the Strata Property Regulation, the Depreciation Report requirement applies to strata corporations with 5 or more lots (as of 2026-07-27 — verify current). Strata corporations with fewer than 5 lots are generally exempt, though they may choose to obtain one voluntarily. Verify the threshold and exemptions for your strata with a BC lawyer or notary.

No. A Depreciation Report under the Strata Property Act is a 30-year financial and physical asset planning document covering major common property components. An Electrical Planning Report is a distinct requirement addressing electrical vehicle charging infrastructure planning for certain strata properties. The two reports serve different purposes and are governed by separate provisions in BC strata law.

Under the Strata Property Regulation, a Depreciation Report must include an executive summary, an inventory of major common property and assets, their condition and expected remaining life, estimated repair/replacement costs, and a funding model over 30 years. As of July 1, 2024 (as of 2026-07-27 — verify current), air conditioning and ventilation components must be included where applicable. Verify the detailed content requirements with the preparer or a BC lawyer.

No. As of July 1, 2024 (as of 2026-07-27 — verify current), amendments to the Strata Property Regulation by OIC 204-2024 eliminated the previous 3/4-vote deferral mechanism. Strata corporations with 5 or more lots must now obtain a Depreciation Report every 5 years without exception. Verify compliance obligations with a BC lawyer or notary.

Depreciation Reports are mandated under the Strata Property Act, SBC 1998, c. 43, and detailed requirements are set out in the Strata Property Regulation, B.C. Reg. 43/2000. Amendments including the 5-year cycle and elimination of the waiver were enacted by Orders in Council OIC 204-2024 and OIC 497-2025. Verify current sections and requirements with a BC lawyer or notary.

The Strata Property Act and Strata Property Regulation impose the requirement, but specific enforcement mechanisms and penalties depend on the circumstances and may involve the Civil Resolution Tribunal or BC Supreme Court. Non-compliance may affect strata governance, resale disclosures, and contingency reserve fund planning. Verify enforcement and liability with a BC lawyer before acting.

Under the Strata Property Act, a Depreciation Report informs the strata council's annual budget and contingency reserve fund contributions by forecasting major repair and replacement costs over 30 years. The Act requires the strata to consider the report when setting annual budgets and reserve contributions. Verify integration of the report into your strata's financial planning with a BC lawyer, notary, or qualified accountant.