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Changes to the Strata Property Act, December 2011

Originally posted on Dec 30, 2011 by Dan Wilson

In Mid December 2011, the provincial government introduced new regulations making depreciation reports mandatory for strata corporations in British Columbia. Strata corporations of 5 units or less will be exempt from the requirements, plus a strata corporation may consider exempting itself by passing a ¾ vote resolution every 18 months. Changes to the Form B, Information Certificate were also introduced in these amendments.

A depreciation report or a Reserve Fund Study is a comprehensive study of the common physical components within a strata corporation, including an inventory and summary of all necessary renewals and maintenance for the next 30 years, plus a financial plan for the future. We all know that as buildings age there are costs incurred to maintain the common property and assets of the strata corporation. A depreciation report provides a strata corporation with the tools it needs to properly and accurately plan for the future.

If you would like more information on Depreciation Reports and the impact of these changes on your Strata, feel free to give us a call any time.

Look for more information in the new year….

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