Owen Bigland blogs about important new regulations regarding strata properties in BC and how it is going to change the way Strata properties are bought and sold in British Columbia. New regulations under Bill 8 of the Strata property act now make it mandatory for every strata in BC of 5 units or more to obtain a depreciation report. A depreciation report is basically a planning tool used by property owners (the strata corporation) to clearly understand what the strata is responsible for with maintaining and repairing as part of its building system (a physical component inventory); the age of the building system; the projected life expectancy; when it should be planned for renewal; what it will cost when the time comes to renew the component; and how the strata will pay for it.
Every Strata corp will need to commission a depreciation report by Dec 13, 2013. They will also be required by March 1, 2012 to disclose on the Form B information cert whether they have a depreciation report and must attach a copy if one exists. Here is a good article from the Vancouver Province on the new regulations for Depreciation reports.
