A Depreciation Report is a long-term financial planning tool that a number of Canadian Provinces already have in place for Stratafied Building. The Depreciation Report will assist Strata corporations to accommodate and anticipate Maintenance, Repairs and Replacement costs of large projects & capital expenditures.
December 13 2013 is the due date to secure a Depreciation Report In Vancouver B.C unless the Strata Corporation exempts itself by ¾ vote resolution at a General Meeting.
Depreciation Reports will have to be updated every 3 years to stay legally relevant.
Personal Opinion:
My personal opinion regarding the Depreciation Report is that every building should get one & NOT opt out!
This Report will very quickly be expected in every building by Potential Buyers. This is an extremely pro-active approach to your buildings health & long-term well being…
Every Building has its own weaknesses whether big or small. These weaknesses need to be put in the spot light and followed carefully to keep your building in the best shape possible for as long as possible to prevent Property Assessments.
For any further questions regarding Vancouver B.C Depreciation Reports please contact me direct at jay@jaymcinnes.com . 604 771 4606
Very interesting information!Perfect just what I was searching for!
It is good to see that most realtors are clear in their recommendations that strata corporations obtain a depreciation report.