British Columbia has removed the ability of strata corporations to postpone a depreciation report, and set firm dates by which every corporation with five or more strata lots must have one in place. Which date applies to you depends on where your building is and when your last report was written.
The two deadlines
Strata corporations that have never obtained a depreciation report, or whose most recent report predates 31 December 2020, must obtain a new one by one of two dates:
| Deadline | Applies to |
|---|---|
| 1 July 2026 | Strata corporations in Metro Vancouver, the Fraser Valley, and the Capital Regional District, excluding certain islands reachable only by boat or air. |
| 1 July 2027 | Strata corporations elsewhere in British Columbia, including the Southern Gulf Islands and Bowen Island. |
After that, reports fall on a five-year cycle. The significant change for councils is that the previous option to defer by a three-quarters vote at a general meeting is gone. Deferral is no longer available, whatever the state of the contingency reserve fund.
If your building is in Metro Vancouver
A depreciation report is not a quick document. Between the document review, the site inspection, the cost analysis and the funding models, a typical report takes several weeks — longer for large or complex properties. A corporation that has not started by early 2026 is already working against the clock, and qualified providers book up as the date approaches.
Newly created strata corporations
Corporations established after the rules changed work to a different clock:
- Established between 1 July 2024 and 1 July 2027 — first report within two years of the first annual general meeting.
- Established on or after 1 July 2027 — first report within eighteen months of the first annual general meeting.
Who is now allowed to prepare one
Since 1 July 2025, a depreciation report must come from one of a defined set of qualified professionals rather than anyone a council chooses to engage. That list was modestly widened in late 2025 to include professional licensees in engineering, architectural technologists and certified technicians.
This matters when comparing quotes. A low price from a provider outside the qualified categories produces a report that does not satisfy the legislation, which means paying twice.
What the report has to contain
The regulations set out the substance, not just the existence, of the report. In practice a compliant depreciation report includes:
- An on-site visual inspection of the common property and assets.
- An inventory of major components with their condition and estimated remaining life.
- A projection of repair and replacement costs across a minimum of thirty years.
- At least three funding models, so the council can compare contribution strategies rather than being handed a single number.
The three funding models are the part councils find most useful and the part cheap reports most often treat superficially. They are what turn the document from a compliance exercise into a budgeting tool.
What a council should do now
- Find the date on your most recent report. If it predates 31 December 2020, or there is no report, a deadline applies to you.
- Confirm which region your property sits in, since that decides whether you have until 2026 or 2027.
- Request proposals early, and confirm the provider falls within the qualified categories.
- Check what the quote includes — particularly whether all three funding models are covered, and what an update in five years will cost.
- Budget for the report itself. It can be paid from the operating fund or the contingency reserve fund.
Ontario comparison
If your corporation or property manager also operates in Ontario, the equivalent document is a reserve fund study, required under the Condominium Act on a three-year cycle rather than five. The engineering work is similar; the legislation, terminology and timing are not, which is why a report prepared for one province cannot simply be relabelled for the other.
Verify against the source
Requirements change. Before acting, confirm the current rules on the Province of British Columbia's depreciation report page at gov.bc.ca, or ask us and we will confirm which deadline applies to your property.
Need a depreciation report before the deadline?
We prepare depreciation reports for strata corporations across the Lower Mainland and Vancouver Island, sealed by a licensed Professional Engineer. Send us the property address and we will confirm which deadline applies and what it will cost.
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