What exactly is a Depreciation Report?

A depreciation report is to help strata corporations plan expenses for repair, maintenance & replacement of common area items.  The report must contain the inventory of the commmon property, anticipated expenses spanning the next 30 years and a financial plan for the contingency reserve fund, in order to pay for these anticipated expenses.


I think we will find, in the future that financial institutions will only fund strata corporatins that have done a depreciation report  and by the way, the report has to be updated every three years. I see that Insurance companies will start to require a current report in order to insure your property.  It is a valuable tool for a Seller and equally beneficial to a potential Buyer of a property.


The cost of the report may vary depending on the complexity of a strata and the company that is hired to do the report. No matter the cost to have the report done - it could save you thousands of dollars in the future.


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.