What a Depreciation Report is
A Depreciation Report is the financial backstop for every BC strata corporation. It projects the cost of repairing and replacing common property and assets over the next 30 years, then translates those projections into a contingency reserve fund (CRF) plan. The Strata Property Act treats the report as the foundation of how a strata sets reserves and approves special levies — get it wrong and councils face surprise levies, deferred maintenance, or both.
BC strata law specifies the content. The report covers the building from the foundation up: roofs, exterior cladding, balcony membranes, mechanical plant, electrical service, elevators, paving, landscaping, common-area finishes — every component the strata is collectively responsible for.
The deadlines, by region
BC stratas of five or more lots fall into two deadline groups under the Depreciation Report mandate, applying when a strata has never had a report or its most recent report was issued before December 31, 2020:
- July 1, 2026 — Metro Vancouver Regional District, Fraser Valley Regional District, and Capital Regional District.
- July 1, 2027 — All other BC stratas.
Five-year renewal cycle thereafter. Reports in place before the cutoff continue on their existing renewal schedule. Note that the Depreciation Report schedule runs separately from the EPR's December 31, 2026 / 2028 deadlines — our deadline guide covers both side by side.
What happens if a strata misses the deadline
The July 1, 2026 deadline for Metro Vancouver, Fraser Valley, and Capital Regional District stratas has now passed, and councils that missed it are asking what that actually means. The Strata Property Act attaches no fine — the consequences arrive through the strata's own records and obligations instead:
- It shows on the Form B. The most recent depreciation report must be attached to the Form B Information Certificate provided to buyers. After the deadline, "we don't have one" becomes a written disclosure made to every purchaser — and to the lenders and insurers reviewing the sale.
- An owner can compel compliance. Obtaining the report is a statutory duty under section 94 of the Strata Property Act, and an owner can ask the Civil Resolution Tribunal to order a non-compliant strata corporation to meet it.
- There is no deferral left. The annual 3/4-vote that once let a strata defer its depreciation report has been removed. The requirement now applies without exemption.
- Council's standard of care still applies. Council members must act in the best interests of the strata corporation and exercise reasonable care. Leaving a statutory report unobtained sits poorly against that duty if a funding decision later goes wrong.
A compliant report takes six to ten weeks, so the gap on a 2026-tier strata's record is already growing — but the duty did not lapse when the deadline passed, and a council that can show owners and buyers a report underway is in a far stronger position than one that has not started. Commissioning now keeps that gap as short as possible.
What must be in the report
BC strata law specifies the required content. A compliant Depreciation Report must include:
- Inventory of common property components. Every component the strata is collectively responsible for, identified and counted.
- Physical condition assessment. The current state of each component, derived from on-site inspection.
- Useful-life and replacement-cost projections. Modelled over a 30-year horizon, using current BC market data.
- Three statutory funding scenarios. Fully funded, baseline, and threshold.
- Recommended funding plan. A specific path the council can adopt, with rationale.
- Methodology disclosure. The data sources and assumptions behind the projections.
A report missing required content or relying on stale market data leaves council exposed at every future strata permanent record and special-levy vote.
Who is qualified to prepare a Depreciation Report
BC strata law sets out who can prepare and seal a Depreciation Report: a Professional Engineer (P.Eng, EGBC), a Professional Licensee Engineering (P.L.Eng., EGBC), an Applied Science Technologist (AScT), or a Certified Technician (ASTTBC), for both Part 3 (complex) and Part 9 (simple) buildings. A single CF Electrical Services engagement covers any strata in BC regardless of building type — concrete highrises, mid-rises, wood-frame walk-ups, and townhouse complexes alike. We sign and seal each report with the credential the regulation calls for, so councils don't need to verify scope or seek different providers for different buildings.
How CF Electrical Services delivers
We own the process end-to-end. Site inspections, component inventories, condition assessments, replacement-cost research, and funding-scenario modelling — the heavy lifting is on us. Stratas commissioning their first Depreciation Report often want a council walkthrough to build owner consensus before the funding plan is adopted; it is available in every engagement — just ask.
Want to see the deliverable before you decide? Ask us for a sample report — we will show your council a redacted sample from a comparable building, and connect you with references, before you commit to anything.
Cities we serve
Depreciation Reports across BC
A starting point — see all BC regions we serve:
