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BC Strata Property Act: Depreciation Reports
British Columbia's Strata Property Act, R.S.B.C. 1998, c. 43 governs strata corporations (condominiums) across the province. Section 94, as substantially amended by Bill 14-2020 and brought into force by Order in Council OIC 204-2024 effective July 1, 2024, now mandates Depreciation Reports for all strata corporations with five or more strata lots, eliminating the previous ¾ vote deferral mechanism that allowed corporations to indefinitely postpone this requirement.
A strata corporation with 5 or more strata lots must obtain a depreciation report and must renew it at least every 5 years. The corporation can no longer defer this obligation by annual ¾ vote of owners.
Strata Property Regulation 6.2 prescribes the required content: a 30-year financial projection, at least three funding models, an on-site visual inspection, an executive summary, and (as of July 2024) air conditioning and ventilation components where applicable.
Effective July 1, 2025, Depreciation Reports must be prepared by a designated professional from an approved list. The pool was further expanded effective October 27, 2025 to include Professional Licensee Engineers, Architectural Technologists, and Certified Technicians.
Compliance Deadlines for Existing Strata Corporations
Strata corporations without a current report (or whose most recent report predates December 31, 2020) must comply by: July 1, 2026: Metro Vancouver, Fraser Valley Regional District, and Capital Regional District (excluding Gulf Islands); July 1, 2027: all other regions of regions of BC.
The 2024 Reset. OIC 204/2024 was the most significant change to BC strata law in a decade. It eliminated the 3/4-vote waiver that thousands of strata corporations had used to skip Depreciation Reports for years, sometimes decades. Combined with CHOA estimates that over 30% of BC strata properties had no current Depreciation Report when the regulation took effect, the new staggered deadlines (July 2026 for Metro Vancouver, Fraser Valley, and the CRD; July 2027 elsewhere) have created a province-wide rush to complete reports. Strata councils that wait until the deadline year typically find limited availability and higher fees from qualified providers, which is why most professional managers recommend booking 12 to 18 months in advance.
What Does BC’s Strata Property Act Require Depreciation Reports to Cover?
Roofing & Building Envelope
Roof membranes, cladding, exterior insulation, windows, doors, balconies, and exterior waterproofing systems
Mechanical Systems
HVAC, boilers, domestic hot water systems, plumbing, fire suppression, ventilation, and building automation
Electrical & Life Safety
Main electrical systems, emergency generators, fire alarm systems, security infrastructure, and intercom
Structural & Parking
Parkade structures, garage doors, ramps, elevators, lobby and corridor flooring, and load-bearing components
Common Amenities
Pools, fitness centres, party rooms, guest suites, theatre rooms, and other shared recreational facilities
Site & Landscaping
Paving, driveways, walkways, retaining walls, fencing, site lighting, signage, and irrigation systems
Under OIC 204/2024, all common property, common assets, and limited common property components with a replacement cost that is significant must be included in the depreciation report inventory.
The Five-Year Report Cycle
BC requires a full Depreciation Report every 5 years under the Strata Property Act and OIC 204/2024. The report must include an on-site inspection, a comprehensive inventory of depreciating common property, and a 30-year financial plan with at least three funding model options.
Key Obligations & Compliance Details
Three Funding Options Required
Every Depreciation Report must present at least three different funding strategies so the strata can make an informed decision about contribution levels.
30-Year Minimum Projection
The financial plan must project costs and contributions for a minimum of 30 years, covering all depreciating components with estimated useful life, replacement cost, and remaining life.
No Waivers Under OIC 204/2024
The annual three-quarter vote to waive the Depreciation Report was eliminated by OIC 204/2024. All eligible strata corporations must obtain a report every five years.
Report Must Be Disclosed
The Depreciation Report must be made available to all strata owners and must be disclosed to prospective purchasers as part of strata document disclosure requirements.
BC: Contingency Reserve Fund (CRF)
In BC, the reserve fund is called the Contingency Reserve Fund (CRF). Key requirements:
- 1The CRF must be kept in a separate account from operating funds
- 2Minimum annual contribution is the greater of 10% of the operating budget or the amount recommended in the Depreciation Report
- 3Special levies require a ¾ vote of owners in most circumstances
- 4The Depreciation Report must be presented and discussed at an Annual General Meeting
In BC the study is called a Depreciation Report and the fund is called the Contingency Reserve Fund: not a Reserve Fund Report or Capital Reserve Fund.
Who Can Prepare a Depreciation Report in BC?
Under the Strata Property Regulation, only qualified professionals may prepare a Depreciation Report. The provider must be independent of the strata corporation. Qualified designations include:
Accredited Appraisers (AACI)
Members of the Appraisal Institute of Canada holding the AACI designation
aicanada.ca ↗Applied Science Technologists
Certified Applied Science Technologists registered with ASTTBC
asttbc.org ↗Independence Required
The provider must be independent of the strata corporation and have no conflict of interest with respect to the depreciation report.
What Happens After We Complete Your Depreciation Report?
You receive a formal PDF report, and Stelor goes a step further. We transform that PDF into a live, dynamic planning platform, so your board, property manager, and reserve specialist always work from the same current data.
Dynamic Reserve Modeling
Adjust assumptions, inflation rates, and timelines in real time. See the funding impact instantly.
Property Management Integration
Stelor connects with leading property management platforms so your reserve data stays in sync automatically.
Board & Manager Portal
Shared workspace for your board and property manager: reports, approvals, and a complete audit trail.
Report Renewal Tracking
Stelor tracks your 5-year Depreciation Report cycle and alerts you automatically when your next report is approaching.