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. However, 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.