Strata Property Act - Depreciation Reports
In December of 2009 the Strata Property Amendment Act (Bill 8) was adopted. Section 15 of Bill 8 amended section 94 of the Strata Property Act, establishing the new requirement for depreciation reports. Regulations adopted on December 13, 2011 brought section 94 of the Strata Property Act into effect.
Therefore, as of December 13, 2011, unless exempted, all BC strata corporations must obtain a depreciation report. Strata corporations that are not exempt must obtain their depreciation reports by December 13, 2013 and updated depreciation reports must be obtained every 3 years.