British Columbia · Strata Property Act
Depreciation Reports for BC Strata Corporations
Also known as a reserve fund study in other provinces — a 30-year budget for the long-term repair and maintenance of a strata corporation's common property, with three funding models for the council to compare.
- Required
- 5+ strata lotsdeferral by vote removed since 1 July 2024
- Deadlines
- 1 July 2026 / 2027depending on region — see below
- Prepared by
- Licensed P.Engone of six designated professional groups
- Deliverable
- 30-year funding planthree cash-flow models
What a depreciation report is
A planning and analysis study of the budget for long-term repair and maintenance of a strata corporation's common property.
Until the end of 2011, depreciation reports were not required at all for strata corporations in British Columbia. The requirement was introduced that year and has been tightened since — most significantly in 2024, when the option to waive the report by an annual three-quarter vote was removed for corporations with five or more strata lots.
Strata corporations with fewer than five lots remain exempt, but every other corporation must now obtain a report and keep it current on a five-year cycle, with deadlines that vary by region.
The report identifies the common elements the strata corporation is responsible for maintaining, as described in its legal documents, schedules and bylaws, then reviews the corporation's financial situation — audited statements, reported deficiencies and current maintenance practice — alongside a physical assessment of those components.
The result is a 30-year cost projection and three funding models, giving the council a real choice rather than a single number to accept.
What the report includes
Six elements that make up a compliant depreciation report.
Deadlines by region
Since 1 July 2024, deferral by vote is no longer an option. Strata corporations with no report, or a report dated before 31 December 2020, must obtain one by the applicable deadline.
| Region | Deadline |
|---|---|
| Metro Vancouver, Fraser Valley & Capital Regional District | 1 July 2026 |
| Elsewhere in British Columbia | 1 July 2027 |
| New strata corporations, formed 1 July 2024 – 30 June 2027 | Within 2 years of the first AGM |
| New strata corporations, formed on or after 1 July 2027 | Within 18 months of the first AGM |
See our Insights article on BC depreciation report deadlines for the full detail, and who is qualified to prepare a report.
Depreciation reports by city
We work across British Columbia from our Vancouver office. Each city has its own page.
Common questions
Depreciation Report Questions
Is a depreciation report mandatory in British Columbia?
Yes, for strata corporations with five or more strata lots. Since 1 July 2024 the option to waive or defer the report by a three-quarter vote has been removed, and reports fall on a five-year cycle.
What are the deadlines?
Strata corporations in Metro Vancouver, the Fraser Valley and the Capital Regional District with no report, or one dated before 31 December 2020, must obtain one by 1 July 2026. Elsewhere in the province the deadline is 1 July 2027.
Who is qualified to prepare a depreciation report?
Since July 2025 the report must come from one of six designated professional groups, expanded on 27 October 2025 to include professional licensees in engineering, architectural technologists and certified technicians. Ours are prepared and sealed by a licensed Professional Engineer.
How often must it be updated?
At least every five years. Strata corporations formed between 1 July 2024 and 30 June 2027 must obtain a first report within two years of their first AGM; those formed after 1 July 2027 have 18 months.
What does the report include?
An inventory of common property components, their condition and remaining service life, a 30-year projection of repair and replacement costs, and three cash-flow funding models so the council can compare approaches.
Can the cost come from the operating fund?
Yes. Under the Strata Property Act the cost of obtaining or updating a depreciation report can be paid from either the operating fund or the contingency reserve fund.
Due for a Depreciation Report?
Send us the strata plan number and the property address — we'll confirm which deadline applies and reply with a fixed quote, usually within one business day.