Home Buyers note, new mandatory Depreciation Reports for Strata Titled Properties introduced

Depreciation Reports

As you may or may not know, the B.C. provincial government has introduced new regulations making depreciation reports mandatory for strata corporations in B.C. commencing January 2014. Strata corporations of less than 5 units will be exempt from the requirements, plus a strata corporation may consider exempting itself by passing a 3/4 vote resolution. A depreciation report is in essence a 20 year maintenance and repair plan and budget for strata titled buildings. It will be more peace of mind for buyers purchasing a condo or town house if such property has completed such a report.  Buyers purchasing strata type properties will be much better informed and the chances of getting hammered with repair bills and therefore imposed levies or increased strata fees to cover these expenses will be substantially decreased. 

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