What is a depreciation report? Is it mandatory? Why is it important? When is the deadline? These and many other questions have come to surface after the announcement of the required report back in December of 2011.
So, what is it? Basically, it is a report done to help strata corporations plan for any future repair/maintenance costs that owners may encounter and must be renewed every 3 years. There are only 2 ways a strata corporation may be exempt from doing a depreciation report: 1. you have 4 units or less in your strata or 2. a 3/4 vote annual vote agrees on being exempt.
The depreciation report is very important because they provide so much useful information that not only homeowners need for budgeting, but also for mortgage brokers, future potential buyers, and insurance companies; these reports have to be completed by December 14, 2013.
If you would like the full details on this report, just click on the above link!!
Any questions or concerns, please feel free to either call (604-644-4190) or email me (firstname.lastname@example.org) and I will be happy to help!