A depreciation report provides an inventory of your strata corporation’s common property and assets, their projected 30-year maintenance and replacement cost. It also includes multiple cash-flow funding models for forecasting these costs. Depreciation reports must be completed by a qualified planner and require an onsite inspection of your building.
It is a useful tool for strata councils when it comes to budgeting for capital projects and it also gives transparency for owners and buyers on the building. Below is a preview of our infographic on the steps to take when considering on obtaining a depreciation report.
1. Know what the Strata Property Act requires.
All strata corporations are required to obtain a depreciation report.
A strata may waive this requirement by a 3/4 vote at a general meeting
2. Gather owner feedback.
Owners should have opportunities to ask questions and discuss the uses and benefits of a depreciation report.
Information sessions or discussions at general meetings are great ways to get owners together review the top.
The full infographic can be downloaded by filling out the form on the right side of the page.