This is a change that I am happy to see.

In the past the Provincial Government introduced the concept of The Depreciation Report. The Depreciation Report is an indepth look at a strata building and provides insight into repairs and replacements of parts of a strata so that proper budgeting could be done to cover these costs and avoid large special assessments for deferred maintenance.  The problem is that the reports are costly, they were supposed to happen every 3 years but could be waived by the strata with a ¾ vote.

 

New Rules, effective July 2024 

  • Depreciation reports cannot be waived
  • Depreciation reports are required every 5 years
  • Depreciation reports must be done by a professional who is certified to do Depreciation Reports

 

Why is this good? Firstly, when buying into a strata complex it is good to know what the next “Big” repairs are going to be, whether it is roof, plumbing, windows, etc.  Secondly, it makes the strata accountable to be proactive in their maintenance, thirdly, banks and mortgage finance companies like knowing the property they are lending money on is being maintained and finally, you get a pretty in depth look into the construction of your property. Knowledge is the key to being prepared for future fixes.