News: Vancouver Real Estate Market

What A Strata Corporation Needs to Know About Depreciation Reports

What is a depreciation report?


A depreciation report is a legislated planning requirement for strata corporations in British Columbia. Depreciation reports are used to establish long term planning for common property and common assets to determine:

 

1) What assets you own ( an inventory )


2) The asset condition ( evaluation )


3) When things need to be replaced ( the anticipated maintenance, repair and replacement )


4) How much money you currently have ( contingency reserve report )


5) What it is likely to cost for future replacement ( a description of the factors and assumptions in projecting costs)


6) How you are going to pay for the costs ( three cash flow models projecting 30 year replacement periods )

 

The regulations have set out requirements for time periods of the reports, qualifications of persons providing reports, schedules for updates, disclosure of reports, conditions of the reports and what information must be contained and financial planning and disclosure.

 

For more information click here.

Comments:
No comments

Post Your Comment:

Blogs
Posts By Date
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.