Strata Living in Vancouver, Depreciation Reports
New Requirements On December 14, 2011, new requirements came into effect for Depreciation Reports. Strata corporations need to obtain depreciation reports every three years unless they hold an annual ¾ vote to waive the requirement or have four, or fewer, strata lots. If a strata corporation has already obtained a depreciation report, that meets the new requirements, it will have three years to obtain another report. Please note, there are different timing requirements for obtaining the first depreciation report depending on when the strata corporation was formed. ▪ For strata corporations formed on or before December 14, 2011, a depreciation report is required by December 13, 2013. ▪ For strata corporations formed after December 14, 2011 a depreciation report is required within 6 months after their second AGM.