The rules since the 2023 amendments
- Strata corporations with five or more strata lots must obtain a depreciation report every five years.
- Owners can no longer defer or waive the report by a three-quarter vote.
- Reports must be prepared by a qualified person from one of the designated professions set out in the Regulation.
- Strata corporations with four or fewer lots remain exempt.
Deadlines by region
| Where the strata is | First report due under the new rules |
|---|---|
| Metro Vancouver, Fraser Valley and Capital Regional District | July 1, 2026 |
| Everywhere else in BC (Okanagan, Thompson, Kootenays, North, Island outside the CRD) | July 1, 2027 |
| Strata corporations formed on or after July 1, 2027 | Within two years of the first annual general meeting |
Existing strata corporations that obtained a report in the years immediately before the rule change follow the transition provisions in the Regulation; check where your last report date places you. Developers of new strata corporations are also required to contribute a set amount to the contingency reserve fund toward the first report.
What the consultant needs from you
The single largest cost driver in a depreciation report is the consultant reconstructing your building's inventory and history. A strata that hands over a current asset list, install dates, condition notes, service history and the invoices for recent capital work gets a better report faster.
- An asset register by system: roof, envelope, mechanical, electrical, elevators, life safety, interior finishes, site.
- Condition ratings with the date and who assessed them.
- Maintenance and repair history per asset, with photos.
- Real quotes and invoices for completed and planned work.
- Current contingency reserve fund balance and the last three years of contributions.
After the report: the CRF plan
The report presents funding models; council and owners choose how the contingency reserve fund will be funded. The report must be attached to every Form B, and lenders increasingly read it. Owners deserve to see the plan in the budget package, not just the report in a drawer.
AryaPM keeps the asset register, conditions and history the consultant needs, stores the finished report in the legal vault, attaches it to Form B automatically and turns the funding model into the multi-year capital forecast council reviews each budget cycle.
Frequently asked questions
Can we still postpone the depreciation report by vote?
No. The ability to waive or defer by a three-quarter vote was removed; the five-year cycle applies to every strata with five or more lots.
Who can prepare a depreciation report?
A qualified person from the professions designated in the Regulation, such as engineers, architects, appraisers and quantity surveyors; check the current list.
Does the report tell us how much to contribute to the CRF?
It presents funding models. Owners decide the contribution through the budget, subject to the minimum contribution rules.
Last reviewed 2026-09-21. Product details describe AryaPM as it ships today; legislation summaries are general information, not legal advice.