On December 14, 2011 the provincial government brought into effect regulations requiring most strata corporations to obtain depreciation reports by December 12, 2013 and update the reports every three years. Strata corporations can waive the requirement for depreciation reports by an annual 3/4 vote. Strata corporations with four, or fewer, strata lots are not required to obtain depreciation reports.
On February 28, 2013, the Province passed Order-in-Council Number 090, containing amendments to the Strata Property Regulation on the retention of depreciation and repair/maintenance reports as well as when a new strata corporation must obtain its first depreciation report. Any strata corporation formed after December 14, 2011, must obtain its first depreciation report within six months of the date of the strata corporation’s second annual general meeting (or, if holding the second AGM was waived, the last date by which the strata corporation would otherwise have held this meeting). A strata corporation must permanently retain any depreciation report that it obtains. In addition, any reports obtained by a strata corporation respecting repair or maintenance of major items, including those commissioned for completing a depreciation report, must be retained until the items are disposed of or replaced.
