What a depreciation report covers
A depreciation report is a detailed assessment of the common property and assets a strata is collectively responsible for, from the roof and elevators to plumbing, electrical, and parking. It projects the condition, remaining life, and replacement cost of those components over a long horizon, and it helps a strata plan its contingency reserve fund so owners are less likely to face surprise special levies.
Note: This article is general information only and is not legal advice. For legal questions, consult a qualified strata lawyer or the relevant BC government resources.
Who needs one, and by when
The requirement applies to strata corporations with five or more lots. The deadline depends on where the strata is located and whether it already has a recent report. A strata with no report, or with a report dated before December 31, 2020, must obtain a current one by:
July 1, 2026, for stratas in Metro Vancouver, the Fraser Valley, and the Capital Regional District (with limited exceptions for certain islands reachable only by boat or air).
July 1, 2027, for stratas in other areas of British Columbia, including the Southern Gulf Islands and Bowen Island.
A strata that already has a report dated December 31, 2020 or later generally continues on its existing renewal schedule.
What the 2024 reform changed
Two changes matter most for councils. First, reports now renew on a five-year cycle. Second, the long-standing ability to defer the report by passing a three-quarter vote of owners at each AGM has been removed entirely. There is no vote and no exception based on building age or finances. If your strata has five or more lots, the report is required.
Who is qualified to prepare it
Since July 1, 2025, depreciation reports must be prepared by a qualified professional from the categories the Province designates. That list includes engineers, architects, applied science technologists, accredited appraisers, certified reserve planners, and quantity surveyors. In October 2025 the Province modestly expanded the list to also include professional licensee engineers, architectural technologists, and certified technicians. A report prepared by someone outside these categories is not compliant.
Tip: Qualified preparers have been booking up as the 2026 deadline approached, and a report can take a couple of months to a few months to complete. If your council has not started, the practical advice from across the sector is to engage a preparer sooner rather than later.
Keeping the report findable
Once a report exists, owners and prospective buyers will ask for it, and insurers and lenders increasingly want to see a current copy. Keeping one authoritative version, with the summary easy to find and the right people able to access it, makes the five-year renewal easier to track and avoids the scramble of hunting through old email. For more on organizing this kind of strata record, see our guide to a dedicated strata portal versus email and Google Drive.
Note: This article is general information only and is not legal advice. For legal questions, consult a qualified strata lawyer or the relevant BC government resources.
Frequently asked questions
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Note: This article is general information only and is not legal advice. For legal questions, consult a qualified strata lawyer or the relevant BC government resources.