General information only — not legal, tax, financial, or real-estate advice. Verify with a licensed BC professional before acting.
The Strata Property Act (SPA) requires every strata corporation in BC with 5+ units to obtain a depreciation report on a 3-year renewal cycle. Here's what it does, and why buyers should read it.
A 30-year forward look at physical repair + replacement of common property (roof, envelope, elevators, mechanical, hard-scape, parkade). Prepared by a qualified professional (usually engineer or certified reserve fund planner).
Each report typically presents 3 funding models: (1) status quo, (2) increased contribution to CRF, (3) mixed contribution + special-levy assumption. This is the strata's roadmap for cash flow.
Strata corporations with 5+ strata lots must have a current depreciation report unless they waive it by ¾ vote (annual). Waivers are increasingly rare after 2024 SPA amendments.
Read Section 3 (upcoming projects), CRF balance, and any special-levy assumptions in years 1–5. A strata with a $50K CRF and a $1.5M roof replacement in year 3 is a special-levy risk.
Historically no minimum required. Post-2024 SPA amendments increased CRF contribution requirements for strata corporations without a current + funded depreciation report.