Depreciation reports in BC: how a condo buyer should read one
The report is a 30-year repair forecast for the building. Since the rules changed, more buildings have one, and buyers can compare them.
6 min read · updated 2026-09-29 · sources at the end
What a depreciation report is
A depreciation report is a qualified professional's forecast of the building's major repairs and replacements over about 30 years: roof, windows, elevators, boilers, parkade membrane, fire systems. It puts a cost and a timing on each item and shows what the strata should be saving to pay for them.
For a buyer it answers the question the listing cannot: is this building saving enough for the work it will need, or will the shortfall arrive as a special levy?
Who has to have one
- Strata corporations with five or more lots must obtain a depreciation report on a five-year cycle, including bare land stratas. Buildings with four or fewer lots are exempt.
- The old option of voting each year to skip the report has been removed.
- First-report deadlines: July 1, 2026 in Metro Vancouver (except islands), the Fraser Valley and the Capital Regional District (except islands); July 1, 2027 in the rest of the province. Newly created stratas have their own shorter timelines.
- Since July 1, 2025 only certain professionals may prepare a report: professional engineers, architects and architectural technologists, applied science technologists, accredited appraisers, certified reserve planners and professional quantity surveyors.
- When a unit is sold, the most recent depreciation report must be attached to the Form B given to buyers.
How to read one in ten minutes
Start with the executive summary and the date. A report more than about five years old is out of step with the current cycle and with construction costs.
Then find the funding models. A report is required to show at least three cash-flow funding models. The important one to compare against your building is the current-funding scenario: if the strata keeps contributing what it does now, does the reserve run out, and when? A report that shows the fund going negative in the next few years is a direct warning of a levy.
Look at the big-ticket items due soon: building envelope, roof, elevators. Costs scheduled inside the next five to ten years matter most to a buyer who plans to own for that long.
When there is no report
Older buildings and smaller stratas sometimes still have no report. That is a gap in your information, not proof of a problem. Ask for any engineer's reports, the reserve balance and the repair history in the minutes, and price the uncertainty into what you offer, or choose a building that has one.
Frequently asked questions
Does the report tell me if a special levy is coming?
Not directly, but the funding models show whether current contributions cover the forecast repairs. A large gap between what is needed and what is saved is the usual precursor to a levy.
Is the reserve balance in the report?
Yes. The report must state the current contingency reserve fund balance, less any spending already approved but not yet taken from the fund.
My building is small. Do I still get a report?
Only if it has five or more lots. With four or fewer lots the report is not required, so ask for other repair records instead.
Sources
- Province of BC: strata depreciation report requirements
- Province of BC: Form B, Information Certificate
General information for British Columbia, not legal, tax or financial advice. Rules change: confirm current requirements with the sources above and your own lawyer, accountant or mortgage broker before you buy.