Mostly it is vocabulary, and which word applies is decided by the province. But the word matters more than it looks, because it also tells you which capital-planning report the property is legally required to obtain.
The same entity, two names
British Columbia uses "strata": the legal entity is a strata corporation, the individual units are strata lots, and the elected body is the strata council. Alberta, Ontario and most other provinces use "condominium": a condominium corporation, units, and a board of directors. In both cases the entity is the legal body that owns and maintains the common property on behalf of the owners, sets the budget, collects contributions and enforces the bylaws.
The powers come from different statutes — BC’s Strata Property Act, Alberta’s Condominium Property Act, Ontario’s Condominium Act — so procedure and thresholds differ. The role does not.
Why the word decides which report you need
The capital-planning document goes by a different statutory name in each jurisdiction, and using the wrong one is the most common source of confusion we see:
- British Columbia — a depreciation report, under the Strata Property Act, renewed at least every five years.
- Alberta — a reserve fund study, under the Condominium Property Act, every five years.
- Ontario — a reserve fund study, under the Condominium Act, every three years.
- Saskatchewan, Manitoba and the Northwest Territories — a reserve fund study, on their own provincial cadences.
People often search for a "strata reserve fund study", which is not a statutory term anywhere. In BC, what they need is a depreciation report; the substance is the same document. If someone has asked your strata for a reserve fund study and the property is in BC, a compliant depreciation report is the answer.
What is actually the same
Whatever it is called, the substance does not change between jurisdictions: a physical inventory and condition assessment of every common-property component, cost estimates to repair or replace each one over a 30-year horizon, and a funding plan showing the contributions required to meet them. What changes is the cadence, who is permitted to author it, and the horizon the projection has to cover.
Which one applies to you
It is decided by where the property sits, not by what the corporation calls itself. Our province pages set out the requirement, the cadence and the eligible authors for each jurisdiction, and Reserve Plus prepares both depreciation reports and reserve fund studies — with myRPlanner (powered by StelorPM) included either way, so the plan stays current between reports.
Common questions
What is the difference between a strata and a condo board?
Mostly vocabulary, decided by the province. British Columbia calls the entity a strata corporation and its elected body a strata council; Alberta, Ontario and most other provinces call them a condominium corporation and a board of directors. Both are the legal body that owns and maintains the common property on behalf of the owners.
Does a strata corporation need a depreciation report or a reserve fund study?
In British Columbia the statutory document is a depreciation report, required under the Strata Property Act. In Alberta, Saskatchewan, Manitoba, Ontario and the Northwest Territories the equivalent is a reserve fund study. They are the same kind of document — a 30-year component inventory, condition assessment and funding plan — under different provincial names.
Is a strata council the same as a condo board?
Yes, in function. Both are elected by the owners to run the corporation, set the budget, maintain common property and enforce the bylaws. The powers and procedures come from different statutes, so the details differ, but the role is the same.