BC Strata Depreciation Report Guide: What Owners and Buyers Need to Know Before July 2026

Metro Vancouver has 7,720 active condo listings right now, sitting at a median price of $668,800. Most of those condos are in strata buildings, and as of July 1, 2026, every strata corporation in Metro Vancouver, the Fraser Valley, and the Capital Regional District with five or more units must have a current depreciation report on file. No more waivers, no more 3/4 votes to opt out. This guide covers what depreciation reports are, who needs one, what they cost, and what to look for as a buyer.

What is a depreciation report?

A depreciation report is a detailed assessment of all the shared components in a strata building, from the roof and elevator to the plumbing, electrical systems, and parking structure. It covers the current condition of each component, its expected remaining life, and the projected cost to repair or replace it over a 30-year period.

The report also includes three different funding models that show how the strata corporation can pay for future maintenance. These models typically compare using the contingency reserve fund, levying special assessments, or a combination of both. The goal is to give owners a clear, professional picture of what the building will need and what it will cost, so nobody gets blindsided by a surprise $30,000 special levy.

Under BC's Strata Property Act, depreciation reports must be based on an on-site visual inspection of the property. They are not desktop estimates. A qualified professional visits the building, inspects the physical condition of common property, and produces a report grounded in what they actually see.

The July 1, 2026 deadline: who needs to comply

BC changed the rules in 2024. Depreciation reports are now mandatory for every strata corporation with five or more strata lots. The old provision that allowed a 3/4 vote of owners to waive or defer the report is gone.

The deadlines are staggered by region:

• July 1, 2026: Metro Vancouver, the Fraser Valley, and the Capital Regional District (excluding Gulf Islands and remote islands only accessible by boat or plane)
• July 1, 2027: All other areas of British Columbia

This applies if your strata corporation either (a) does not have a depreciation report at all, or (b) has a report that was completed before December 31, 2020. If your building's last report is from 2019, it does not count. You need a new one.

After the initial report, strata corporations must update their depreciation report at least once every five years. The previous requirement was every three years, so the update cycle has been extended, but the reports themselves are no longer optional.

Who can prepare a depreciation report?

As of July 1, 2025, depreciation reports must be prepared by a qualified professional from one of these designated categories:

• Professional engineers
• Architects
• Applied science technologists
• Accredited appraisers (AACI or CRA designation)
• Certified reserve planners (CRP designation)
• Quantity surveyors

As of October 2025, the province expanded the list to also include professional licensee engineers, architectural technologists, and certified technicians. This was done partly because demand for qualified report preparers has surged as the July 2026 deadline approaches.

The average timeline from initial engagement to final report is two to six months, depending on the size and complexity of the building. For larger strata corporations with extensive common facilities, it can take longer. That means any Metro Vancouver strata that has not started the process is already running short on time.

How much does a depreciation report cost?

Costs vary based on building size, complexity, and the qualifications of the professional preparing the report. Typical ranges:

• Small stratas (under 10 units): $3,000 to $6,000
• Mid-size stratas (10 to 50 units): $6,000 to $15,000
• Large or complex stratas (50+ units): $10,000 to $30,000 or more

On a per-owner basis, the cost is highest for small buildings. A 6-unit townhouse complex paying $5,000 works out to roughly $830 per owner. A 200-unit tower paying $25,000 works out to $125 per owner.

The cost can be paid from the strata's operating fund or its contingency reserve fund (CRF). As of November 2023, every BC strata must contribute at least 10% of its annual operating budget to the CRF each year, up from 5% previously. The depreciation report is one of the core documents that tells the strata how much its CRF actually needs.

Starting July 1, 2027, developers of new strata buildings with five or more units must contribute to the cost of the first depreciation report: $5,000 plus $200 per strata lot, capped at $30,000.

What to look for in a depreciation report when buying

If you are buying a condo or townhouse in BC, the depreciation report is one of the most important documents to review before you make an offer. Here is what to focus on:

• Age of the report. If it is more than five years old, the building may be out of compliance, and the cost projections may be outdated. Ask when the next report is scheduled.
• Contingency reserve fund balance vs. projected needs. Compare the current CRF balance to the 30-year cost projections. If the fund is significantly underfunded, special levies are likely coming.
• Major upcoming repairs. Look for high-cost items projected in the next 5 to 10 years: roof replacement, elevator modernization, plumbing or electrical upgrades, parkade membrane repair. These can trigger five-figure special levies per unit.
• Funding model the strata has chosen. The report presents three models. Check which one the strata council has adopted. The most conservative model front-loads contributions, while others defer costs and rely on future levies.
• Building envelope condition. In BC, building envelope failures (commonly called "leaky condo" issues) were widespread in buildings constructed from the late 1980s through the early 2000s. The depreciation report should address exterior cladding and waterproofing.

Zealty's Strata Browser covers over 14,000 strata buildings across BC. You can look up any building to see its strata plan number, the number of units, and building details before you even request the depreciation report from the strata corporation.

How depreciation reports fit into your buying research

A depreciation report does not exist in isolation. It connects directly to several other documents and data points you should review when evaluating a strata purchase in British Columbia:

• Form B Information Certificate: This is the formal disclosure document that strata corporations must provide to buyers. It includes the current CRF balance, monthly strata fees, any outstanding special levies, and whether the building has a current depreciation report.
• Strata meeting minutes: The minutes from the last two years of council and general meetings often contain discussions about repairs, upcoming capital projects, and how the strata plans to fund them.
• Engineering reports: Some buildings have additional engineering assessments for specific systems (roof, parkade, plumbing). These provide more detail than the depreciation report on particular components.
• Insurance appraisal: The building's insured replacement value, which also appears in the strata's insurance certificate, gives another reference point for the overall condition and value of common property.

For a deeper walkthrough of what to check before buying into any strata building, see our guide on how to assess a condo building before you buy. That post covers strata document review, insurance red flags, and building condition assessment in more detail.

Bottom line

The July 1, 2026 deadline is less than three months away, and the reports take two to six months to complete. If your strata corporation has not started the process, the time to act is now. For buyers, the depreciation report is the single best document for understanding what a building will cost you beyond the purchase price.

You can research any BC strata building through Zealty's Strata Browser, check Metro Vancouver market stats for current pricing, or search the map to find active strata listings across British Columbia.