The Strata Property Amendment Act, 2009 deals with changes to the Strata Property Act. The new amendments, which were recently finalized, now call for mandatory Depreciation Studies for Strata Corporations in British Columbia. This requirement will be a key change for Strata Corporations, which will need to complete a Depreciation Study over the next two years, unless they pass a resolution with ¾ votes to exempt the report. Over the next few years, this will be standard document for Strata Corporations, and will be included in the Form B Information Certificate. Another key change to the current legislation is the new requirement to the ‘Form B’ Information Certificate (section 59.4), as set out in Schedule 2 of the Amendment act. The requirements call for copies of:

  • Rules of the strata corporation
  • Current budget of the strata corporation
  • Owner developer’s rental disclosure statement
  • Most recent Deprecation Report, if any

The inclusion of a Deprecation Report will allow buyers to have much more certainty as to the condition of the property and any future special assessments.
Click here to learn more about Depreciation Reports / Reserve Fund Studies...